Lloyds Bank of the UK has agreed to acquire Curve at a low price of £120 million, triggering anger among investors.

[Lloyds Bank of the UK agrees to acquire Curve at a low price of £120 million, sparking anger among investors] The UK's largest retail bank, Lloyds Banking Group, has agreed to acquire digital wallet provider Curve for approximately £120 million. This week, Curve informed investors that it has signed a share purchase agreement with Lloyds, with an official announcement expected as early as next week. This transaction is one of the most notable fintech acquisitions in the UK this year, but it comes with considerable controversy. Curve acknowledged in a shareholder circular that the protocol valuation is “below our expectations for Curve,” and many investors may feel disappointed. However, the board emphasized that this sale is the “best viable option” for the company's creditors and shareholders. Curve's CEO and founder Shachar Bialick had warned that if the deal with Lloyds fails to materialize, the company is likely to run out of funds this year. Since its establishment, Curve has raised at least £250 million and was once positioned as a pioneer in European fintech. However, in 2024 and 2025, mid-term fintech companies generally face rising customer acquisition costs, a tightening financing environment, and regulatory pressures, and Curve is no exception.