London FinTech Curve launches BNPL Alternative
The UK’s Financial Conduct Authority has approved Curve Flex, which gives people the ability to make installment payments for most purchases on any card from any merchant up to a year ago . The new product is based on the company’s Go Back in Time technology.
This move is part of Curve’s goal to “be the super app for the money”.
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Customers can swipe a transaction and select the number of installments they want whenever they need to split a past purchase or need more cash on hand. The amount of the transaction is then refunded.
Founder and CEO of Curve Shachar Bialick stated that Curve Flex offers flexibility unmatched by other solutions currently on the market.
“Without any limitations for merchants and the ability to accommodate all Mastercard, Visa and Discover cards, Curve Flex will provide customers with easy and affordable access to credit,” said Bialick.
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People using the tool will have access to dedicated customer service agents to answer questions, change plans, and navigate their loans. In testing since September 2020, Curve has piloted the Flex program with 1,600 beta users who turned some 7,000 transactions into payments worth over £ 1 million ($ 1.3 million).
“Curve offers clients the unprecedented opportunity to convert transactions made a year ago into free or low interest installment loans. Being able to go back in time and pay later will forever change the way UK clients think about managing their personal finances and cash flow, ”said the head of Curve Credit. Paul Harrald.
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