London’s Curve Fintech Acquired by Lloyds Banking Group

Backed by Fuel Ventures, IDC Ventures, Outward VC, and Hanaco Ventures, and having raised over £230M, Curve described the deal as ‘rooted in shared ambition.

In a short statement, London-headquartered Curve, which has around six million users, said: “For existing Curve customers, nothing changes. Your Curve Pay app, your wallet, your cards, your rewards - all just as they were yesterday. But with the scale, reach and trust of Lloyds behind us, we’ll be able to do more of what you love, faster."

Financial details of the deal were not officially disclosed, but Sky News reported Lloyds is paying £120M for Curve, founded in 2015 by Israeli entrepreneur Shachar Bialick.

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The acquisition has sparked controversy, with some investors unhappy about the sale price and proceeds distribution. IDC Ventures, which owns 12% of Curve, stated it is ‘deeply concerned about the conduct of Curve’s management and board during the sale process’ and is reserving all legal rights amid governance and ownership disputes.

"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."

About Lloyds Banking Group

Lloyds Banking Group’s mission is helping Britain prosper by fostering a sustainable, inclusive future for people and businesses. With a broad range of opportunities to learn and grow the Group’s values-driven culture and focus on diversity and inclusion empower employees to make a meaningful impact together.