Lloyds Banking Group has confirmed the acquisition of London-based fintech Curve.
Curve operates a digital wallet that brings all cards and alternative payment sources into one secure platform while adding money-saving and loyalty features.
Curve’s multi-funding rails give Lloyds the opportunity to create a new type of bank account, in which customers choose the best payment method for each transaction - debit, credit, instalments, partner credit lines, or Open Banking without switching between separate cards.
Lloyds says the acquisition will provide will provide customers with expanded payment flexibility and access to advanced digital wallet features including switching past purchases across accounts, earning rewards on top of existing card benefits, accessing Pay Later solutions, and avoiding foreign exchange fees from any card linked to its app.
Lloyds has declined to put a price on the deal, although multiple sources have suggested that it snapped up Curve for a bargain basement price of close to £120 million. This is less than half the £250 million the fintech has raised since inception, sparking disputes between management and investors over transparency, governance and return on investment.
IDC Ventures, Curve's largest external investor with 12% of the shares, says in a statement: "IDC Ventures remains deeply concerned about the conduct of Curve’s management and board during the current sale process. Issues regarding the company’s governance and ownership are disputed, and IDC is reserving all legal rights pending further developments.
"IDC Ventures alleges that a small group of directors and investors, notably Curve’s CEO Shachar Bialick, board members Tomer Jacob of Hanaco Ventures and Lord Fink, and certain other directors including and Tom Bradley and Cuong Do, facilitated corporate decision-making to entrench control and override shareholder rights.
"It is a matter of real surprise to shareholders that Lloyds Banking Group, a leading UK institution, would contemplate proceeding with a transaction that IDC believes is not in the best interests of the company or its shareholders. As such, IDC does not intend to support the proposed sale and does not believe that it is capable of being implemented without its support.
"IDC expects the board and any prospective purchasers to act responsibly and transparently, and will take all necessary steps to protect shareholder interests if those obligations are ignored."
The acquisition is expected to complete in the first half of 2026, subject to regulatory approval.