Curve, the UK all-your-cards-in-one-place fintech, has been acquired by banking giant Lloyds Banking Group, the companies have confirmed.
Curve, which is backed by investors Fuel Ventures, IDC Ventures, Outward VC and Hanaco Ventures and has raised more than £230m in funding, said the deal was “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."
Lloyds, which has 28 million customers, said the deal was a “strategic move” to broaden and speed up the bank’s digital transformation.
The bank highlighted the possible benefits of Curve’s digital wallet.
It said: ”Alongside the services that Curve currently offers to customers, the integration of Curve Pay, Curve's cutting-edge technology and digital wallet, into Lloyds Banking Group's current digital offering, will allow Lloyds Banking Group to offer its customers an enhanced payments experience within mobile banking."
The companies did not disclose financial details of the deal, but Sky News has reported that Lloyds was paying £120m for Curve, which was founded in 2015 by Israeli entrepreneur Shachar Bialick.
The deal has not been without controversy, with some investors angry about the price and distribution of the sale proceeds.
IDC Ventures, which holds 12 per cent of the shares, said: "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.
"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."
The deal is expected to be completed in the first half of 2026.
Lloyds said the deal was not expected to impact its full-year guidance figures for 2025 or 2026.
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