Lloyds Banking Group to Acquire Digital Wallet Provider Curve for £120 Million
Lloyds Banking Group has signed a £120 million deal to acquire Curve, a digital wallet provider, with a formal agreement announced and an official announcement expected soon. The acquisition is seen by Lloyds as a strategic move to gain an edge in smarter online payments, especially amid pressure on Apple to open its payment services to rivals.
Despite the progress, the deal has sparked controversy. Curve shareholders and some investors have expressed criticism over the agreed price and the manner in which sale proceeds would be distributed. IDC Ventures, Curve's largest external shareholder with a 12% stake, opposes the sale and has appointed legal firm Quinn Emanuel to advise on the matter, reserving all legal rights.
Earlier in November, efforts to remove Curve's chair Lord Fink and founder/CEO Shachar Bialick from the board were defeated during a shareholder meeting. Curve has also cautioned that the sale price is below its ambitions and highlighted financial challenges, stating the company could run out of money this year without the Lloyds deal. Since its inception, Curve has raised at least £250 million.
Talks about the sale began in the summer, and the deal has proceeded with an announcement anticipated as early as the week of November 14, 2025.
