NYCEDC & Empire State Development Announce U.K. Fintech Company Curve Chooses Brooklyn for U.S. Launch
Curve is the first international financial technology firm in Downtown Brooklyn, and will create 185 new jobs by 2024 and invest nearly $17 million in New York-based research & development by 2029.
February 10, 2020
Brooklyn, NY – New York City Economic Development Corporation (NYCEDC) and Empire State Development (ESD) today announced that Curve, a fast-growth, London-based financial technology firm, will open its first United States office in Brooklyn. This represents the first international fintech company in Downtown Brooklyn, helping anchor the borough’s rapidly growing tech economy. As part of the project, Curve will create 185 new jobs by 2024 and invest nearly $17 million in New York-based research and development over the next decade. This project supports New York City and New York State’s joint efforts to grow the tech economy and create well-paying jobs for New Yorkers.
“While New York City has long established itself as the epicenter of the finance industry, we have also become a global leader in tech innovation,” said NYCEDC President and CEO James Patchett. “As we build on that success, we’re proud of our work to attract Curve to Downtown Brooklyn, which we believe is the new frontier for a thriving fintech community that will create good jobs for New Yorkers and strengthen our city’s tech ecosystem.”
“New York City has long been known as the center of the finance industry — and our rapidly growing tech ecosystem is building on that strong foundation to support some of the most innovative, interesting, and successful fintech firms,” said Eric Gertler, Empire State Development Acting Commissioner and President & CEO-designate. “Curve’s decision to open its first U.S. office in Brooklyn is a testament to everything the Empire State has to offer, and we are proud they will call New York home for years to come.”
“Brooklyn is a fantastic location for Curve to launch its U.S expansion,” said Amanda Orson, Curve’s new VP, Head of North America. “In the race to own the consumer relationship, we believe Curve is the right product for the U.S. market at the right time. And to be able to start this adventure from the world’s premier financial hub, and recruit from a pool of the best tech talent in the world, is exciting.”
“U.S. consumers aren’t clamoring for a different, or additional, bank — they want their financial products to provide a better user experience. Curve’s all-in-one value proposition, ease of use, and obsession on customer experience are exactly what the US market needs,” added Orson.
Curve is a simple way for people to consolidate all their cards into a single smart card and app. By enabling users to connect all their cards to just one, Curve simplifies and unifies the money management experience for customers with its unique ability to transfer transactions up to two weeks after a purchase was made by using its go-back-in-time functionality, and send money from any card to any card with its Curve Send feature. Since Curve launched in European markets in 2018, more than 900,000 users have signed up for a Curve card, and more than £1.2 billion, or roughly $1.5 billion, has been spent on the Curve platform.
In July 2019, Curve closed its series B funding round, valuing the business at a quarter of a billion dollars. In September, the all-your-cards-in-one business also broke records, becoming the fastest U.K. startup in history to raise £4 million in crowdfunding on Crowdcube. After initially smashing its £1 million target in under five minutes, it closed out the record-breaking round at just under £6 million.
Curve now plans to expand its platform in the United States, with an expected launch this fall. In preparation for its U.S. product launch, Curve will open its first U.S.-based office in Brooklyn, creating 185 jobs with a focus on engineering, product development, data science, marketing, regulatory, and finance roles. In addition, Curve has committed to investing at least $16.7 million in research and development in Brooklyn by 2029.
“There is so much innovation happening in Brooklyn right now and we are thrilled to welcome London’s cutting-edge Curve to Downtown Brooklyn’s growing tech community,” said Regina Myer, President of Downtown Brooklyn Partnership. “Curve’s choice to open its first U.S. office in Downtown Brooklyn speaks to the advantages of the area’s talented workforce, access to mass transit and excellent housing options, and its vibrant creative community. It also demonstrates the importance of tax incentives such as REAP in bringing good jobs to NYC.”
In order to secure Curve’s inaugural U.S. office against competition from other cities including Austin, Texas and Charlotte, North Carolina, New York State has offered a strategic package of job creation and research and development incentives. On behalf of the state, Empire State Development has offered up to $3 million in performance-based Excelsior Jobs Program tax credits over 10 years. Curve will only receive the full state incentive if they create 185 jobs by 2024, retain those jobs through 2029, and invest $16.7 million in New York-based research and development by 2029. Additionally, Curve may also qualify for up to $5.3 million in as-of-right Relocation and Employment Assistance Program (REAP) tax credits over the next 12 years.
These strategic investments will continue to build New York’s tech ecosystem and further New York City’s role as a center for financial technology firms from across the country and around the globe. Thanks to New York’s concerted efforts, New York State’s tech employment has grown 23 percent since 2011, from approximately 327,000 to 403,000 jobs, including 58% growth in New York City, from 114,000 to 180,000. New York City’s tech companies now employ more than 330,000 New Yorkers. Brooklyn has quickly become a major hub for technology companies, with 356% growth of Brooklyn-based startups over the last decade and the number of tech jobs in Brooklyn increasing 175% between 2007 and 2017.
This press release originally appeared here.
Wall Street Journal - U.K. Fintech Startup Curve Expanding to Brooklyn