Lloyds Banking Group has acquired digital wallets provider Curve in a reported £120 million deal.
Lloyds and Curve confirmed this morning that the acquisition had gone through, but not its value.
It follows reports that Lloyds and Curve had agreed a £120m deal and that some shareholders were furious at the valuation.
The acquisition is expected to complete in the first half of 2026, subject to regulatory approval.
In the circular to shareholders, Curve said: “We recognise that the value of this transaction falls short of the ambitions we all held for Curve, and we share the disappointment some of you may have in this outcome.
“Yet, the board strongly believes this transaction represents the best available path forward for Curve’s creditors and shareholders as a whole.”
Shareholders voted down an attempt to remove chair Lord Fink and founder and CEO Shachar Bialick (pictured) last month.
IDC Ventures, its largest external shareholder with a 12% stake, said before the deal was confirmed that it remained “deeply concerned about the conduct of Curve’s management and board during the current sale process”.
Slamming the company’s governance and questioning its ownership, it said it was “reserving all legal rights”.
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“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,” it said.
“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.”
Curve’s platform brings all cards and alternative payment sources into one secure platform while adding money-saving and loyalty features.
Curve Pay, its technology and digital wallet, will be incorporated into Lloyds Banking Group’s current digital offering.
Its 28m customers will be able to switch past purchases across accounts, earn rewards, access pay later solutions and avoid foreign exchange fees from any card linked to its app.
The transaction is not expected to have a material impact on Lloyds Banking Group, or to impact full year guidance for 2025 or 2026.
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