UK fintech company Curve was founded in 2015 Credit: Getty Images / SOPA Images / Contributor

The founder of UK-based Curve said the fintech company is on its way to be profitable after its most recent financial report demonstrated a significant rise in revenue. 

The London-headquartered fintech company is the creator of an app that combines its users’ bank cards into one. Curve is backed by banking giant Santander’s venture capital arm, Santander Ventures.

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Curve reported revenue of £45m for the year ended December 2022, a four fold increase over a reported £10.7m from 2021. 

In an interview with Tech.EU, Curve founder Shachar Bialick said the company had made “substantial improvements in Q4 as all margins turned positive in the second half of the year.”

“Since then, it has continued to improve on this trajectory,” he added.

Curve recently announced an additional £58m in Series C funding, which brought its total funding to over £133m.

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“On the back of this success, Curve indeed has a strong potential to achieve profitability for 2024,” Bialick told the publication.

Curve reported a loss of £22.2m in 2022 and made a series of substantial reductions to its workforce. Bialick said it was “necessary to make us investible in a very difficult market and get us closer to profitability.”

The value of UK fintech deals saw a dramatic increase in 2023, according to GlobalData's deal database.

The deals recorded cover venture financing, private equity, equity offerings, debt offerings, M&A, asset transactions and partnerships.

In 2023, as of 14 December, the value of UK fintech deals totalled $45bn, more than double the total 2022, which came to $21bn.