🚨 𝘽𝙍𝙀𝘼𝙆𝙄𝙉𝙂: Lloyds Banking Group is buying Curve for £120M
And not everyone is happy.
Big news in UK FinTech today: Lloyds has officially signed the deal to acquire Curve, the digital wallet and card-aggregation platform that once aimed to become one of the country’s top fintech champions.
But behind the scenes… things are messy.
Shareholders have been furious about both the valuation and the distribution of proceeds.
Curve raised over £250M since launch — and is now being sold for less than half of that. In a letter to investors, the company itself admitted the outcome “falls short of the ambitions we all held for Curve.”
IDC Ventures, the largest external shareholder (12%), is openly challenging the process, questioning governance, and reserving all legal rights.
They say they won’t support the sale and argue it can’t be implemented without their backing.
Meanwhile, Curve’s board says the sale to Lloyds is the only path forward as cash was running out this year.
For Lloyds, the deal is strategic:
👉 strengthen its digital wallet capabilities
👉 compete in a world where Apple is being forced to open its NFC/payment stack
👉 accelerate its push into smarter, integrated online payments
A major moment for UK FinTech, but also a reminder of how brutally the market has repriced growth-stage FinTechs.