Lloyds Banking Group has signed a share sale and purchase agreement to acquire digital wallet provider Curve for £120 million, Sky News reports — a price that has prompted anger from early investors, including major backer IDC Ventures, which has publicly opposed the deal and is exploring legal options. Curve’s chief executive also warned shareholders the business could exhaust its cash this year without a takeover.
What happened
According to Sky News, Curve notified investors this week that it had signed the agreement with Lloyds and that a formal announcement could follow as soon as next week. The reported price — around £120m — is substantially lower than amounts raised by Curve in prior funding rounds and has sparked immediate pushback from a number of shareholders.
Investor backlash and possible legal action
IDC Ventures, a long-standing investor in Curve, has been among the most vocal critics. The firm has publicly sought the removal of Curve’s chairman and warned it will “act firmly and decisively” to protect its commercial interests, including instructing lawyers and exploring litigation if the board and Lloyds proceed without properly addressing shareholder concerns. Sky News and subsequent reporting detail IDC’s objections to both the valuation and the proposed distribution of sale proceeds.
Money raised vs. sale price
Curve has raised at least £250 million in external funding since it was founded in 2016, according to Sky News and industry reporting — meaning the reported Lloyds price amounts to only a fraction of the total capital previously injected into the business and well below some earlier public ambitions for the company’s valuation. That gap underpins much of the frustration among investors who expected a higher exit value.
CEO’s warning and the company’s position
Sky News reports that CEO Shachar Bialick acknowledged the sale price was disappointing in communications to investors and warned that Curve would “probably run out of money this year” unless a transaction such as Lloyds’s was agreed. The company did not immediately comment to Sky News on the latest reports.
Why the deal matters
For Lloyds, buying Curve would fast-track capabilities in digital wallets and payments at a time when UK banks and regulators are under pressure to open up payment rails and compete with large tech platforms. For Curve and its investors, the deal — if completed at the reported price — represents a sharp reset of expectations after years of heavy fundraising and a once-lofty IPO narrative. The clash between founders, the board and large investors highlights growing governance friction at privately held fintechs facing funding stress.
What to watch next
- Formal announcement from Curve or Lloyds confirming the terms and timetable.
- Curve shareholder meeting(s) or extraordinary general meeting (EGM) where investors may seek to block the sale or remove directors.
- Any legal filings or public statements from IDC Ventures and other large shareholders detailing the grounds for their objections and next steps.
Bottom line
Sky News’s reporting that Lloyds has agreed to buy Curve for roughly £120m has exposed deep fractures between the fintech’s leadership and its investors. With Curve having raised hundreds of millions historically and the CEO flagging an urgent cash shortfall, the next week looks set to determine whether the deal completes smoothly — or becomes the centre of a protracted shareholder battle.
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