London-based fintech company Curve, known for its all-in-one card and app solution, is aiming for profitability in 2024 after implementing significant cost-cutting measures. The company’s CEO and founder, Shachar Bialick, revealed a “substantial reduction in headcount” as part of efforts to make the company more investable and closer to achieving profitability.
Despite revenues increasing to £22.1 million in 2022, pre-tax losses widened to £69.1 million. The losses were attributed to more expensive transaction costs, which the company has addressed by amending its business model.
Bialick stated that Curve became “gross margin positive in Q4 2022” and expects the company to achieve profitability in 2024. The company, which has raised over £200 million in equity and has a presence in 32 markets, is in advanced discussions with potential investors.
Curve’s expansion into the U.S. is on hold, with the focus on refining its offering and driving profitability in the UK and European markets. Additionally, Curve announced a partnership with PayPal in September, allowing Curve customers to connect their PayPal accounts directly.