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

Golden Finance reports that Lloyds Banking Group, the largest retail bank in the UK, has agreed to acquire the digital wallet provider Curve, with a transaction value of approximately £120 million. This week, Curve notified investors that it has signed a share purchase agreement with Lloyds, with an official announcement expected to be released as soon 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 its shareholder letter that the protocol valuation is “lower than our expectations for Curve,” which may disappoint many investors. However, the board emphasized that this sale is the “best viable path” for the company's creditors and shareholders. Shachar Bialick, the CEO and founder of Curve, warned that if the deal with Lloyds does not go through, 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 are generally facing rising customer acquisition costs, a tightening financing environment, and regulatory pressures, and Curve is no exception.