Curve hires exec to fuel credit expansion
Curve has appointed Paul Harrald to lead a business line that will allow the all-in-one card company to offer support for credit card debt reduction and installment payments.
Harrald comes to London-based Curve from Chinese Venture Capital firm CreditEase. In that previous role, Harrald oversaw U.K. and European private equity investments.
He is also a founding member of SAV Credit, now called New Day, where he served as chief information officer and director of analytics. Harrald also sat on RBS retail banking boards, and has worked as a credit and risk advisor for Google in the past.
“It’s my belief that, in time, Curve can rival Klarna, a company I admire greatly,” Harrald said in a Friday press release. “Curve is uniquely positioned in the market as an Over-The-Top banking platform to offer consumers unrivalled simplicity in managing multiple payment and credit products."
The launch of Curve Credit in 2020 will provide its customers with "phenomenal control of their finances and the ultimate financial experience,” he added.
Curve Credit will allow Curve customers to pay off their credit card debt and split transactions into installments, all managed within Curve’s app. The Curve banking platform enables customers to make decisions based on their spending and credit habits across all of their financial products, regardless of where they pay and to whom.
Curve is positioning Curve Credit as an alternative to revolving credit and will feature the ability to make full, ad hoc, partial, and regular repayments from a variety of sources.
"Paul’s credit industry expertise is second to none,” Shachar Bialick, founder and CEO of Curve, said in the release. “He has a remarkable track record for building and growing hugely successful credit products and it is a massive coup for Curve to have secured such a talent and be able to draw on his expertise as we look to enter the highly competitive credit market later this year.”
The announcement about establishing a lending platform for Curve card users comes a month after the company aggressively expanded its reach through integrations with Samsung Pay and Google Pay for U.K. consumers. It also has plans to expand throughout Europe and into the U.S. in the coming year.