London FinTech Curve Launches BNPL Alternative
London FinTech and super app startup Curve is introducing a new installment product to compete against the buy now pay later (BNPL) market, according to a Thursday (Sept. 16) press release.
The U.K. Financial Conduct Authority approved Curve Flex, which offers people the ability to make installment payments for most purchases on any card from any merchant up to a year ago. The new product builds on the company’s Go Back in Time technology.
The move is part of Curve’s goal to “become the super app for money.”
See also: London FinTech Curve Notches $95 Million Series C For US Expansion
Customers can swipe a transaction and select the number of desired installments whenever they need to divide a past purchase or need more cash on hand. The transaction amount is then refunded.
Curve Founder and CEO Shachar Bialick said that Curve Flex offers flexibility unmatched by other solutions currently on the market.
“With no limitations on merchants and the ability to accommodate all Mastercard, Visa and Discover cards, Curve Flex will provide customers with access to easy and affordable credit,” Bialick said.
See: ‘Magic Moments’ Hasten the Inevitability of Embedded Online Payments
People using the tool will have access to customer service agents dedicated to fielding questions, amending plans and navigating their loans. In testing since last September 2020, Curve has piloted the Flex program with 1,600 beta users who have changed some 7,000 transactions into installments worth over 1 million pounds ($1.3 million).
“Curve is giving customers the unprecedented ability to convert transactions made up to a year ago into free or low-interest installment loans. Being able to Go Back in Time and Pay Later is going to forever change how U.K. customers think about managing their personal finances and cash flow,” said Head of Curve Credit Paul Harrald.
You may also enjoy: From BNPL to Crypto, Former CFPB Official Says ‘Everything Viewed Suspiciously'