Shachar Bialick AMA - Get your questions in now!

Shachar Bialick AMA - Get your questions in now!

Hello everybody :wave:

We have some more exciting news to share with you!

As you may know by now, we’re crowdfunding ( :tada: ). So we want to answer your questions, provide clear and accurate information - and ultimately share a slice of Curve with you all!

On May 14th at 10:00BST, Curve’s founder and CEO @Curve_TCB will be LIVE on the Community to answer any questions you might have in the run up to our crowdfunding campaign.

Drop your questions for Shachar below and head back here on May 14th at 10:00GMT, to get the scoop. Top tip: Click the red bell icon on the right hand side and select ‘watching’ to be notified when Shachar replies.

Don’t miss out! :point_down: Pre-reg is open now - Curve Crowdcube pre registration

Please note, your capital is at risk when you invest, especially when investing in startups and early stage businesses. This is not an offer. There is and will be no private or public offering of shares in the USA, Canada, or Japan. Retail investors located in the USA, Canada and Japan will not be able to invest in this crowdfunding. This webpage is not directed at or addressed to retail investors 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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Hello,
New features are tested in the UK.
When will they reach European citizens?
Could the gap between the UK and Europe in terms of available features be reduced as much as possible?
Thanks in advance

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Could you give a rundown on how are the finances of the firm?
I’ve checked the last balance in Companies House (2019) and it does not look exactly good. And considering COVID, and the US expansion, it could be even worse in the future.
What are the perspectives for the following years? Is there a roadmap to profitability?
Thanks!

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1 question and 1 point I’d like to mention linked to the pitch video:

  1. You are expanding in to America and your VP of North America tells us in the crowdfunding video that the average American has 7 cards - she then proceeds to hold up multiple cards including at least 2 Amex cards.

Amex is such a popular card in the USA - is the product dead before it’s even launched if you can’t get Amex onboard?

  1. You say investors have been rewarded as the valuation is up 3x. The pre money valuation might be up 3x from the previous pre money valuation - but this is a completely meaningless metric. The share price is up 2.177x. That’s the return investors have actually made (on paper) and it is misleading IMO to say 3x.
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Hi, I would like to ask these:

  • what are the planned features for Curve app this year?
  • what kind of new services are you planning to launch this year?
  • what new ideas/products are you considering in the near future?

Thanks,

Peter

My Questions:

  1. How are you actually making money? What is your main revenue stream?
  2. What will be the rewards for different tiers of investment?
  3. When do you think you will break even?
  4. What is your average revenue/cost per user?
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Any plans to make curve more environmentally friendly? Currently when a customer upgrade or down grade from a plan, he or she get a new card sent out before current one expires. Time to patch your systems to allow users the option to continue using their old card and refuse new card being sent out. Save The Planets through small differences.

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Hi,
Can I ask why Curve will not offer “special” card - in last campaign also called investor red. In FAQs under article about crowdfunding 2021 is written “There won’t be investor cards, this was an exclusive perk to our early investors.”

Maybe just push minimal limit from 10 to 30 or something like that. It was nice gift/ perk for those who would not even think about investing.

Q1: Can you reconsider the decision about curve investor card.
Q2: When and for whom will be made available curve credit. (credit will be supported in all eu countries?)
Thx

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  • How many of the 2m signups use their card regularly?
  • How will Curve provide value when most cards (including Amex…) can be “carried” in mobile wallets? The need for reducing cards in a physical wallet will be reduced
  • Do you see any risk of credit card issuers other than Amex refusing to work with Curve if more customers are using Curve to avoid fees? (eg. paying off credit cards/taxes/cash withdrawals with a credit card)
  • At the last Crowdfunding presentation, you outlined the vision for directed offers as a major revenue stream. The Rewards that have just launched appear to just be cardlytics offers available on many credit cards, with no USP for Curve, and in many cases lower reward rates. Do you intend to build this functionality in house, or continue to outsource to cardlytics?
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When will Curve take Support seriously?
The bad customer support experience has been the biggest customer pain point for so long and seems nothing meaningful is been done to improve it nor is planned to… In your pitch, you talk about expanding, but unless Curve improves on the super crucial support front you will keep having dissatisfied customers. Yes signing up millions is really good, but losing them due to the bad support is just unbelievable…

There are many threads detailing problems such as Why we have stopped using Curve

Currently, as you should be aware, Curve Support is lacking:

  • there is no real-time chat or phone number customers can speak to
  • most customer emails are left unanswered,
  • even when there is a response that is after huge delays and it is unhelpful
  • there is no escalation nor proper complaint procedure.

Ultimately I would like to see Curve taking support seriously and committing to specific actions each with a due date. Series C and crowdfunding should be money well spent and support your priority!

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Could you provide last 3 years financial statement and operation metrics ?

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Hi,
I invested in 2019 and am interested to do it again this round but I am in France.

Your disclaimer says : “This crowdfunding is not directed at or addressed to retail investors 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”. Silly question : can I invest this round ?
Thanks,
Mat

I have been with Curve since January 2019, invested during the previous Crowdfund and remember when Amex was included, albeit for a couple of hours before it was dramatically dropped from the offering. At the time there was an extremely strong commitment from everyone at Curve to re-instate Amex rapidly. I’m sure you don’t need me to tell you that it is now 2 years+ later and there is no sign of any re-instatement either from Curve or Amex (even after I contacted Amex’s UK General Manager directly followed by escalation to the worldwide Amex CEO to find out).
Could you please confirm clearly and openly, once and for all, when exactly we can expect to see Amex re-instated or whether we will never see Amex back in Curve again? If the latter, or an unreasonable (more than 6 months) further delay, please could you also state the merits to prospective investors, of another Crowdfunding exercise with such a large ongoing and unplugged gap in the Curve offering?

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Hi Shachar,

I live in France and was part of the first Crowdcube funding.

Can you clarify this : This webpage is not directed at or addressed to retail investors in Belgium, France or The Netherlands. Curve cannot guarantee that interested retail investors from Belgium, France and the Netherlands will be able to invest due to local restrictions on offering securities.

I’m still into the product and probably your best ambassador here in France :slight_smile:, I’d love to be part of that second round.

Thanks

@thsala @MatLY

Who can invest?

Anyone over the age of 18 from anywhere in the world. However, due to local laws and regulations, retail investors located in the USA, Canada and Japan will not be able to invest in this crowdfunding.
This crowdfunding is not directed at or addressed to retail investors in Belgium, France, Germany or The Netherlands. Local laws and regulations restrict our ability to offer securities generally to the public in these countries without publishing a prospectus (or another information document) which is approved by the local regulator. We have therefore decided that the crowdfunding will not be directed at, or addressed to, the public (including retail investors) in those countries generally. We may, however, be able to make a limited offer, to up to 150 investors from Belgium, France, Germany and Netherlands. So, whilst you may indicate your interest in investing once the crowdfunding goes live, Curve cannot guarantee that it will be able to make an offer of securities to you. We understand that this will be disappointing to our customers in those countries, and this is something we will consider for any future crowdfunding.
Note: Retail investors are individual investors (as opposed to institutional investors).

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What is the timeline for Curve to become profitable?
What do you expect split of Curve revenue between user fees/merchant fees/Credit/future products will be in the long run?

What is the timeline for Curve to go public?

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Thanks @poeliev. Still, those few words are totally vague. My question would be > will I be able to invest, yes or no. If the answer is no, I’d be curious to know what this “Local regulation” is.

Hi Shachar,

As a European investor, I am wondering what the impact of the new EU directive for online payments (3DS2/ PSD2) which came into force this year will be on card functionality for European customers?

Will there be transaction limit limitations?

How does Curve intend to implement PSD2 and comply with PSD2 for European transactions? (Given that Curve transactions are classified as online transactions)

Thanks again

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