Lloyds Strengthens Digital Payments Strategy with £120 Million Curve Purchase
Lloyds Banking Group has made a decisive MOVE into the digital payments arena with its £120 million acquisition of Curve. The deal, formalized through a share sale and purchase agreement, signals Lloyds' ambition to bolster its position in the rapidly evolving fintech landscape.
Curve's leadership acknowledged the transaction price fell short of early investors' expectations, framing the sale as a pragmatic solution amid financial pressures. The fintech's shareholders were notified this week, with a public announcement expected imminently.
IDC Ventures, holding a 12% stake, emerged as a vocal critic of the transaction. The investment firm expressed concerns about valuation and fund distribution, hinting at potential legal challenges. This dissent underscores the tension between growth-stage fintechs and their early backers in today's constrained funding environment.
