Lloyds Completes Curve Purchase Amid Shareholder Disputes Over Valuation

Lloyds Banking Group has

of Curve, a digital wallet company based in the UK, moving forward with the acquisition despite notable opposition from shareholders regarding both the price and governance concerns. According to a shareholder letter from Curve, the deal in the UK this year. Although considers the acquisition a key step to strengthen its digital payments offering, , including IDC Ventures—which holds a 12% stake as the largest external investor—have voiced concerns that the terms undervalue Curve and have questioned the openness of the process.

The agreed £120 million

of the £250 million Curve has raised since it was founded, and is a fraction of the $50–$60 billion valuation once discussed during the fintech surge. IDC Ventures, represented by law firm Quinn Emanuel, the board’s approach to the sale and made clear it does not plan to back the deal. The investor also that this transaction is the “best possible outcome,” arguing that unresolved governance and ownership matters could threaten the acquisition.

Lloyds, on the other hand, has a practical response to shifting market trends. The bank intends to incorporate Curve’s technology—which allows users to combine multiple cards and route payments—into its mobile banking services, with Apple Pay and Google Pay, especially as regulators push tech giants to open up their payment platforms. With both the UK and EU encouraging more competition in digital payments, Lloyds hopes to to speed up its move toward a more unified, customer-focused financial service.

Curve’s board

, acknowledging that the sale price “does not meet the expectations we had for Curve” but is essential to keep the company afloat. Founder and CEO Shachar Bialick the valuation was lower than hoped, but cautioned that without a buyer, Curve would likely run out of funds this year. Once aiming to rival global payment giants across Europe, the fintech now faces tough realities amid rising customer acquisition expenses, stricter funding, and increased regulatory oversight.

The purchase

of consolidation in fintech, as established banks take advantage of lower prices to acquire innovative technologies. For Lloyds, this move fits a broader industry trend of buying rather than developing digital infrastructure, potentially allowing the bank to bypass outdated systems and accelerate its payments strategy.

Nonetheless, the future of the deal is still unclear.

and procedural hurdles could slow down or complicate the process, especially if IDC argues that its approval is necessary. Curve’s board insists the sale is vital for the company’s survival, while IDC maintains that concerns over governance and valuation remain unresolved.

If the acquisition goes through, Lloyds will gain an established digital wallet platform, boosting its competitiveness in a payments sector that is becoming more fragmented. For Curve’s investors, the ongoing dispute over governance and value allocation

facing a sector as it shifts from rapid growth and speculation to a more measured, cost-conscious approach.