The future is not

a better bank.

It’s this.
CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Legal Disclaimer
This document has been prepared by Curve OS Ltd (the “Company”) exclusively for your personal use only.

Your capital is at risk when you invest, especially when investing in startups and early stage businesses.

The historical financial information contained herein is based solely on management reports and has not been audited. The Company does not make any
representations as to any trends or activities continuing in the future.

This document contains statements and projections with respect to the anticipated future performance of the Company and its subsidiaries. These forward-looking
statements reflect the Company’s current expectations and projections, and necessarily involve a number of risks, uncertainties and assumptions. Such statements
and projections reflect various assumptions made by the management of the Company concerning anticipated results, and are subject to amendments at any time
without any prior notice. Past performance is not a reliable guide to future performance.

This document is strictly confidential and may not be communicated to any third party or copied in whole or in part, without the prior written consent of the
Company. The reader of this document hereby undertakes to keep all information, documents and knowledge of whatever kind obtained by them of the Company
and its subsidiaries through this document secret and confidential.

--

This document is provided for information, and is in summary form only. It is not, and should not be construed as, nor be relied on in connection with, any offer
or invitation to acquire, hold, or dispose of any securities of the Company, and should not be regarded as a recommendation in relation to any such transaction
whatsoever. There is and will be no private or public offering of shares in the USA, Canada, and Japan. Retail investors located in the USA, Canada and Japan will
not be able to invest in this crowdfunding. This document is not directed at or addressed to retail investors located in Belgium, France, Germany or The Netherlands.
Curve cannot guarantee that interested retail investors from Belgium, France, Germany and the Netherlands will be able to invest due to local restrictions on
offering securities.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

THE
FINANCIAL
SUPER APP
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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

MEET THE ONE.

Curve is on a mission to become a financial super app that connects
all your money in one place.

Pay in instalments for Save and invest

Go back in time and every purchase
Pay your bills with a
switch payments credit card
between accounts
Enable your cards to Send money to friends
work with xPays
SEND SEE
SPEND SAVE Share you card with
Add all your Loyalty cards a friend
All your money
Manage your expenses
in one place Gain insights on
Killer FX
your spend

* Operating System

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Mission Impossible Inevitable

Old banks, new banks, Curve is on a mission One SUPER APP to

credit cards, cashback, to bring it together, simplify and unify money
crypto… money is connecting your oldschool once and for all.
becoming more and more finances with new
disconnected. innovations in financial
technology.
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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

“Have been a long term user of “Efficient service, a simple and intuitive
Curve and my experience has been application. This is the best.”
outstanding. Love the idea, customer “I use Curve a lot but
service was great every time, the Anonymous, 2021 have recently been hugely
convenience of just one card is impressed with their customer
superb, the features of cashback / care. In the app you can
fee-less fx / loyalty cards are brilliant, ‘chat’ to an agent, and you
having all of this in one package and a will get help within minutes
nice app is just awesome! Won’t ever during operating hours.[...]
go back to conventional paying.” So impressed that I’ve just
upgraded myself and wife to

WHAT OUR
A.L., 2021 Curve Metal.”

Anonymous, 2021

CUSTOMERS
SAY?
“This is one of the reasons, I do “Genius solution to a full wallet. All my cards (even
love @imaginecurve so much!!! other countries) are linked to my Curve card and I
You are and you always going can leave all of them at home. Amazing.”
to be my Top One Card. I do use “I love love love Curve!!!
Curve almost for everything!! I absolutely love my Curve K.E., 2020
And I happy and proud to be a Metal card! Carrying just the
#CurveMetal Can’t wait until one card round is so much safer
#CurveCredit be available” and convenient”.

R.A., 2020 Anonymous, 2021

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

CURVE IS GROWING.
FAST.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

2M+ customers
We grew 116% in 2020, with very low spending on marketing.
Most of our growth comes from customers sharing the love and spreading the word!
Today
8x in 2 years 2.2M

Organic

Referral
863K
Affiliate / Partnerships

Paid

55%
274K Organic
At Launch & Referral
(Jan-2018)
99K

Jan-2016 Dec-2017 Dec-2018 Dec-2019 Mar-2021

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

STAYING POWER
The more our customers use Curve, the more they spend with us.

Retention Spend per customer

100% 250%
238%

75% 65%
200%

50%

53%
150%
25%

0% 100%
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12

Month Month

Retention Retention with Covid Impact

Note: Analysis based on all cohorts that completed 12 months since launch in January 2018. Retention measured from month + 1 following the first completed transaction. Retention includes cohorts from January 2018 to March 2019. Retention with Covid impact includes cohorts from April 2019 to April 2020. Spend per customer measured from the first month following the first completed transaction.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Covid-19
£3B
£2.6B

Covid couldn’t
£2B stop us
GTV kept rising despite lower customer
spending thanks to strong customer growth.
£1B

£0B
Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21
GTV (Gross Transaction Volume): Value of transactions completed through the Curve platform.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

The Opportunity

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

$13B $181B $1.7TN

We’re not $265B

limited to
$120B

$800B

one market...
Addressable market
$1.7TN $300B

B2C Consumer Investment Insurance Crypto Loyalty(4) Subtotal

payments(1) finance(1) brokerage(1) brokerage(2) brokerage(3)

1) McKinsey, Global Banking Annual Review 2020 (2019 data). 2) Allied Market Research, Insurance Brokerage Market Outlook (2019 data). 3) Assumes 2.5% of the Crypto trading volume (across the top-9 centralized and decentralized exchanges) as of 2020 ($534bn according to CoinGecko). 4) Beroe: Loyalty Programs Market Trends (2019 data).

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Curve Super App Vision

7y

Think: App Store

Today for money

5y

Connecting
experiences

3y

Getting into Crypto Wealth

your pocket
Payments Loyalty Financial Products

Insurance SME Banking Authentication

Curve OS Consumer Finance Discovery

PAYMENTS OPERATING SYSTEM MARKETPLACE

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

GBIT

Open Banking
Crypto
Rewards
Controls Cast

WE’RE BUILDING
ONE HELL OF AN
Security
ECOSYSTEM.
Killer FX
Insights
Credit

Expense Management
Connect
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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

R.I.P.

Wallets
(1690-2018)
Add your credit cards, debit cards,
and loyalty cards to Curve and lay
your wallet to rest.

Note: Mastercard and Visa cards, with additional card networks to be added.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

All your
cards on
tap
Curve makes your cards work with Apple Pay, Google
Pay or Samsung Pay, even if your bank doesn’t support
them. This means all your cards become contactless
automatically, and you can go completely
cardless altogether.

Note: Mastercard and Visa cards, with additional card networks to be added.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

GO BACK
IN TIME
Never pay with the wrong card again.

Curve’s Go-Back-in-Time functionality lets you retroactively

switch payments from one card to another.

This functionality is currently trademarked and patented.

Patented in the US (no. 10,832,233 B2)

EU Patent pending (no. EP18173191.0)

Trademarked in the UK (no. 3437050)

Trademarked in the EU (no. 018138480)
Trademarked in the US (no. 6325261)

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Freedom
from fees
Pay and take out cash abroad without being
charged and dodge your bank’s lousy exchange
rates with killer FX rates.

Fair usage limits and weekend charges may apply to any foreign currency or ATM transactions abroad, outlined in our Curve Card or Samsung Pay+ Terms of Service.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

SWIPE
to pay later
Curve Credit(1) mimics Point of Sale (“POS”) or Buy
Now Pay Later (“BNPL”) credit, but with an integrated
unrivalled customer experience, without the need
for merchant relationships. Customers can simply
select a transaction from the transaction history on
their Curve app and swipe to turn it into a short term
instalment loan(2).
(1) Currently in Beta. (2) Subject to eligibility and terms

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Panoramic views
See what you’re spending across all your accounts.

Swipe through all your balances in a second.

Note: Subject to eligibility and terms.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Don’t sweat
the BIG
stuff
With Curve Fronted, you can pay your taxes and bills with
your credit card where it’s not accepted. And you can
do it a lot cheaper than competitors. In fact, Curve Metal
customers can do it totally free.

Billhop/Plastiq: 2.85%+ fee

Curve Blue/Black: 1.5% fee
Curve Metal: 100% FREE

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Offers you
can’t refuse.
We are making Curve the most rewarding way to
pay with cashback offers of up to 20%(1) from the
world’s most exciting brands. And that’s on top of
rewards you may earn from your underlying cards.

(1) Note that certain cashback offers may be higher on occasion but will generally not exceed 20%

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

YOUR MONEY.
YOUR RULES.

Self-driving car(d)
We’re building a ton of autopilot features
to make Curve the smoothest way to pay.
Turning on Anti-Embarrassment mode
lets you select backup cards so you can
avoid declines. Curve Cash Auto Spend
lets you pay automatically with the
cashback you’ve earned – you’re
in control.
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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Loading...

We're only 1% into our story.

Imagine what 100% would look like... Here’s some of what we have in store.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

PAY ON TIME,
EVERY TIME.
Never miss a due date with reminders to
help you pay your bills on time. Auto bill
payments and statement analysis will let
you know where your money goes.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Curve Cast
Instantly “hand over” your card to another Curve user to Or equally share a business
make a purchase in a secure, private and controlled way. card with employees.

Business
Families

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Hello
Crypto We’re going to bring crypto to
the masses. Buying, selling,
sending and spending with
your crypto balances –
instantly, and all in one place.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

CURVE CONNECT
Your (Super) App store for money
A built-in marketplace that will allow customers to discover and compare
financial products and instantly connect the ones they want to Curve.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Everybody
wins
Curve Connect is a win-win for our
customers and partners alike. Partners get to
access millions of new customers and Curve
customers get to discover and connect to
more rewarding financial products instantly.
No trawling through comparison sites or
hopping between 20 different apps. Curve
truly becomes the one-stop shop for all your
financial needs.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

One more thing...

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

WE’RE COMING
TO AMERICA

our office view^

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

WHY

OW ?
W HY N
They need it. They have $784bn in consumer They don't need to change behaviour.
The average American has credit card debt, and no one is Americans love cashback credit cards(3)
at least 7 cards(1) doing anything about it(2) and that works for us

Contactless penetration lags behind Europe: 1/3 of Too many banks for XPays to work with:
Americans have never made a contactless payment(4) 4,374 FDIC insured commercial banks(5)

1) Includes debit, credit and store cards. Experian and Statista (2020).
2) Experian (2020).
3) 57% of US adults have at least one rewards credit card, with cash back cards being the most popular (43%) according to a survey conducted by creditcards.com (2018).
4) Paysafe (2021).
5) FDIC (2020).

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

THE (SUPER)
TEAM
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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

The engine is a team of skilled and highly

motivated talents

We have teams in: 330 Employees 41% tech talent

London, Bristol, Vilnius, Over 40 nationalities ⅓ female across the
New York company and the
leadership team

Note: All employment data as at 31 March 2021.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

A world class leadership team

Shachar Nathalie Scott
Bialick Oestmann Weller
Founder, CEO COO CFO
Serial entrepreneur who has built & led multiple An experienced global payments executive. Former Six years in Strategic Finance at PayPal, most
companies across several verticals including VP Global Product Marketing at Amex; GM at recently as Head of European Pricing Strategy
finance, e-commerce, healthcare, mobile Samsung Pay Europe; & SVP, Innovation Strategy based in Luxembourg. He started his career with
telecommunications and more. at IDEMIA. BlackRock’s Private Equity group in SF & Tokyo.

Paul Matthew Amanda

Harrald Collinge Orson
Head of Curve Credit CPTO Head of North America
CIO of founding team at Newday, sold for $742m; Experienced in applying technology for competitive A zero-to-one startup veteran with expertise in
Credit & Risk Advisor at Google; MD of European advantage. He joined Curve as CTO in ‘17 & took growth and product-led marketing. Previously an
investments at Chinese VC, Creditease; Global on the Product portfolio in ‘20. His previous role advisor to Gauss Ventures, investor/ VP Growth at
Head of Risk Strategy & Analytics at GE Money; was at ComparetheMarket.com where he led the Net Nanny, and angel investor/ advisor to over a
former Professor in Computing Science at UCL. technology & architecture function. dozen startups.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Talent across
the Board
Bobby Aitkenhead Tom Bradley Mike Burns Cuong Do Anju Patwardhan
Co-founder and Managing Former CEO and Partner Partner at Gauss Ventures Former President of the Former Managing Partner at
Partner at IDC Ventures. at Oxford Capital. Former with more than 20 years of Samsung Global Strategy CreditEase Fintech VC Fund,
He has over 15 years of Partner at DN Capital and experience in technology Group. Before Samsung, one of China’s largest fintech
experience in financial Draper Esprit. Chairman start-ups and private equity. Cuong was the Chief venture funds. Anju formerly
services, launching, growing at Push Doctor, and non- He also served as Partner Strategy Officer for Merck, held global leadership roles
and exiting tech ventures. executive director at at Alara Capital, Managing TE Connectivity and Lenovo at Citibank and Standard
Moneybox and Oxford Director at Guggenheim and served as a Senior Chartered in Singapore.
Biotherapeutics. Partners, and Managing Partner at McKinsey
Director at TL Ventures. & Partners.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

NOW SHOW
ME THE
MONEY
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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

What’s bringing in cash?

OUR BUSINESS MODEL

1
Card Transactions
2
Premium Subscriptions
3
Platform Products
When a Curve card is used for a While Curve is aiming to maintain a Curve as a platform offers and looks to
payment transaction, Curve receives free product, it provides premium tiers add products and services, generating
interchange income from on a subscription basis with additional additional revenues. These include:
the merchant. features and at different price points. credit, rewards, crypto and various fees
(e.g origination, brokerage etc.) on new
products in the pipeline.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

2020 Imagine Curve in 2024

Platform
Platform

Revenue Mix
by Product Premium
Card Card
Premium

UK & EEA

Revenue Mix UK & EEA

by Market
US

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

SUMMARY FINANCIALS
2020A 2021E 2022E 2023E 2024E Notes and assumptions:

• Curve is focused on deepening its presence in Europe, notably

outside of the UK, and expanding in the US in 2021 and onwards.
Forecasts do not include any potential expansions beyond
Customers (at Year End) 2M 4M 7M 12M 20M these markets

• Customer acquisition is expected to continue at a similar pace as

2020, with growth driven by further expansion in Europe and the
GTV (£BN) £1B £2B £6B £14B £26B
US. Curve has historically maintained a low customer acquisition
cost, enabling it to grow efficiently with a limited reliance on paid
% Growth 57% 90% 178% 129% 80% marketing activities. A controlled increase in these costs is expected
to support the US launch

• New product initiatives, notably the rollout of the Credit proposition,

Revenue £8M £19M £94M £282M £654M
are expected to drive further customer acquisition and engagement
and accelerate GTV growth. These products will allow revenues to
% Growth 55% 125% 409% 199% 132% grow faster than GTV and generate higher margins

• Salaries represent half of Curve’s operating expenses today and are

expected to expand to support product development and growth
EBITDA -£37M -£63M -£78M -£61M £10M
initiatives, however at a slower pace than top line growth
% Growth n.m. n.m. n.m. n.m. 1% • As a result, Curve expects 2024 to be the first profitable year,
however the timing of profitability depends on the magnitude of
ongoing growth investment
Notes: “A” stands for actual, “E” for estimate. 2020 financials are based on unaudited management accounts. 2020 Revenue growth is based on 12-month adjusted figures for 2019.
Please refer to the appendix for definitions.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Join Us

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

You’re in good company

Crowdcube investors will invest at the same share price as our latest Series C institutional investors who have backed us already.

Curve Ownership(4)

Crowdfunding pre-money
valuation: £591.7M(1) Founder 21.2%

Top 10 institutional investors: 44.7%

Share price: £8.6212(2) IDC Ventures
Breega
Gauss Ventures
Oxford Capital
We increased our valuation Speedinvest
IDC Overseas

by 3x since our last Connect Ventures

Vulcan Capital

crowdfunding campaign(3) Novum Capital Partners

CreditEase

Employees & Other shareholders(5) 32.1%

1) Series C latest post-money valuation. The total amount raised in our series C was £72.5m GBP in cash and capital commitments. We have agreed with an investor to reduce their
Crowdcube Nominees Limited 2.0%
existing commitment by up to £5m, dependent on the amount raised in this crowdfunding round. Should the crowdfund raise less than £5m, the existing investor will provide the balance.
Anything raised in addition to £5m will be fresh capital.
2) Series C latest share price.
3) Curve valuation increased by 2.9x vs. 2019 crowdfunding pre-money valuation of £202m; Curve share price increased by 2.2x vs. 2019 crowdfunding share price of £3.9586.
The difference between the increases in valuation and share price is due to dilution, which is mainly driven by the expansion of our Employee Share Option Pool (ESOP).
4) Pre crowdfunding fully-diluted ownership of Curve OS Ltd, as of 30 April 2021.
5) Includes Employee Share Ownership Plan (ESOP). Total 100%
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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

“Curve’s model is redefining the future of

banking by bringing diverse financial products
and solutions together into one digital wallet,
“Curve’s pioneering approach to for the benefit of banks and customers alike.
finance is more necessary than ever Their friction-free offering is coming at the ideal
as we accelerate globally to a digital- time for American consumers, who are looking
first world.” for safer payment options and greater financial
control in the wake of the pandemic.”
Bobby Aitkenhead
Rick Roberts (Vulcan Capital)

WHAT OUR
INVESTORS
SAY? “I am a customer of Curve
before Crowdcube. Using the
“The Curve product is innovative. The business model product, I see the benefits
and focus on financial data versus providing a pure play and would be passionate to
banking service. This really sets them up to be the Amazon continue investing. I would also
of Banking understanding their customer better than want to invest more than last
others, thereby allowing them to leverage that data and time as I can see the benefits
pivot into different Financial Service areas such as PoS and growth of what Curve
Financing aka Curve Credit. My pleasure to aid them in have done with my previous
their journey!” investment.”

Crowdcube investor Crowdcube investor

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

APPENDIX
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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Curve Plans Curve Blue Curve Black Curve Metal

Plan The Classic The Premium The Ultimate

Pricing (Per Month) Free UK: £9.99 EEA: €9.99 UK: £14.99 EEA: €14.99

Works with Apple Pay, Google Pay, Samsung Pay

Curve Customer Protection up to £100,000

Go Back in Time: Move 90-day old payments Unlimited Unlimited Unlimited

3 selected retailers 3 selected retailers 6 selected retailers

Curve Cash: 1% Cashback (for 30 days) (unlimited time) (unlimited time)

Fee-free FX Rates Up to £500/month Unlimited Unlimited

Fee-free Foreign ATM Withdrawals £200/month £400/month £600/month

Worldwide Travel Insurance

Mobile Phone Insurance

Worldwide Airport LoungeKey Access

Rental Car Collision Waiver Insurance

Premium Metal Card

Terms and fair usage limits apply.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Valuation Benchmarking - Private Peers

We believe our valuation is justified in comparison with other private disruptive fintech peers.
Curve has a clear potential for valuation upside through driving a higher value per customer and growing its customer base.

Footprint
Latest Valuation Number of
Company (£BN)(1) Valuation Date Customers(2) Valuation/Customer UK EEA US

0.6 Current 2.2M £269

Neo Banks

11.2 Sept-20 12M £935

4.3 Jul-20 12M £358

2.8 May-20 5M £564

1.2 Dec-21 5M £250

1.1 Mar-21 2M £550

Other Personal Finance

22.2 Mar-21 90M £247

0.9 Aug-19 2M £458

0.3 Dec-20 4M £60

1) Converted to GBP as of announcement date. 2) At the date of the announced valuation, except for Chime (customers as of Feb-21). Curve’s number of customers as of end Mar-21.

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CROWDFUNDING 2021 HIGHLY CONFIDENTIAL

Key Definitions
• Customers: Unique customers who signed up for an account with Curve

• Gross Transaction Volume (GTV): Value of transactions completed through the Curve platform in a
given time period

• Revenues: Income from card transactions, premium subscriptions, and platform products (e.g. credit
interest income, Fronted fees, commission on crypto transactions, etc.)

• Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): Revenues less cost of sales
and operating expenses

47