Curve Lands £37M in Funding
Weekly news up to Monday, 17th of March 2025
👀 NEWS HIGHLIGHT
Tomo, a digital mortgage lender leveraging AI-driven technology, has secured $20m in a Series B funding round.
The latest investment was led by Progressive Insurance, with additional participation from existing investors Ribbit Capital, NFX, and DST Global Partners. This brings Tomo’s total funding to $130m.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Curve lands £37M in funding.
⭐️ Cleo released its 2024 Annual Report, doubling its ARR to $185m.
⭐️ Square Financial Services to Service and Originate Cash App Borrow Loans.
⭐️ UniCredit secures ECB's approval for Commerzbank stake.
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🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Revolut is hiring hundreds of new staff as it prepares to launch its UK bank. The UK banking unit has grown from a team of 35 to over 100, mainly through hires and internal transfers since receiving its restricted license last summer. The company is hiring from regulatory reporting analysts to financial risk controllers.
EUROPE 🇪🇺
Československá obchodní banka (CSOB) selects the nCino platform to modernize commercial & SME lending. ČSOB will leverage the nCino solution to enhance operational efficiency, create seamless digital experiences, and gain deeper insights into client needs to offer more personalized services.
Revolut expands with a new POS terminal in Spain and growth in Poland. Revolut has launched Revolut Terminal, a point-of-sale device in Spain to meet the growing demand for fast and reliable payment solutions. The firm has also surpassed 1 million customers who signed-up to BLIK, the most popular Polish payment system, only 5 months after the official launch.
Vivid Expands Across Europe: 30,000 businesses in five markets onboarded. The firm is expanding its SME financial platform to France, Italy, Spain, Luxembourg, and the Netherlands, leveraging its retail finance expertise for a seamless, borderless experience.
USA 🇺🇸
BNY boosts business With Circle, as Banks warm to Crypto, to serve as the primary custodian for USDC reserves. This collaboration aims to bridge traditional and digital capital markets, enhancing the stability and resilience of the financial ecosystem.
Evolve Bank says documents reveal Synapse inconsistencies. It's been close to a year since Synapse went bankrupt, and it was discovered that customers' money totaling tens of millions of dollars was missing. The bank released account statements that appear to show inaccurate and misleading bookkeeping on Synapse's part.
FinTech Neobank Mercury severs its relationship with Evolve Bank. The decision comes after a slate of operational issues at the bank unfolded in public view. The company plans to finish the migration of its customers from Evolve to one of its other bank partners by the end of this year.
SoFi expands loan platform business with $5 billion agreement with Blue Owl Capital Funds. The deal with Blue Managed Funds reflects the growing demand for personal loans from members and debt investors and advances its strategy to diversify revenue streams with less capital-intensive and more fee-based sources of revenue.
ASIA
UK-born FinTech Fimple expands to Egypt with new digital banking hub. This expansion aims to strengthen Fimple's presence in the region and collaborate closely with local banks, FinTech companies, and industry leaders. Read more
Mastercard partners with CredibleX to empower SMEs with enhanced access to financing. This innovative partnership provides CredibleX with enhanced data-driven insights based on anonymized and aggregated transaction data. It will empower small and medium enterprises by simplifying their access to financing.
K bank pursues IPO for third time. The bank's board of directors approved a resolution to move forward with an initial public offering. The latest IPO push comes after the bank reported a profitable year last year, posting a record 128.1 billion won in annual net profit.
ZEN.COM has announced the opening of its new office in Singapore, marking a significant step in its expansion across Southeast Asia. The Singapore hub will serve as a key operational center, strengthening the company’s presence in the region and fostering closer collaboration with partners and customers.
Alpian Bank partners with Amex to bring clients even more benefits. Through this collaboration, Alpian clients can apply for the American Express Platinum Card®, gaining access to premium services such as travel benefits, concierge services, and various rewards.
MOVERS AND SHAKERS
Digital bank Up lands new CTO Meera Shanaaz Aneez. Her role as CTO includes overseeing Up’s technical strategy, ensuring the platform continues to scale, and delivering innovative solutions to enhance the banking experience for customers.