Banking platform Curve has spiced things up for its 7th round of funding with a crowdfunding campaign which has become one of the most successful in fintech history.
The startup, which allows customers to integrate multiple bank accounts into one smart card controlled by an app, reached the £6m mark in record time on the crowdfunding platform Crowdcube.
Crowdfunding campaigns are often as much about creating a media buzz and building a loyal customer base than a desperate pitch for funds. Indeed, Curve does not particularly need the money. The company raised a $55m series B just last month at a $250m valuation and set a target of £1m from the latest crowdfund.
A record-breaking 9,500 pre-vetted Curve customers participated in the raise, buying as little as £10 worth of equity.
The average crowdfunding rate-of-return in the UK is ~9%, but Curve’s newest investors will be hoping for a slice of the Monzo magic, whose earliest investors have seen the value of their shares rise by 6,300% (at least in paper terms).
Curve has seen respectable growth since launching its card early last year, having already reached half a million users and hoping to double that figure by year-end. By comparison, Monzo had 200,000 users in its first full twelve months of operation.