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Extraordinary Meeting Called Amid Investor Pressure
Curve, the London-based digital wallet provider, has agreed to call an extraordinary general meeting (EGM) in early October after mounting pressure from investors angry over its proposed £120 million sale to Lloyds Banking Group. The move comes following a formal demand by IDC Ventures, which holds about 12 percent of Curve’s shares and is its largest external backer.
Read more:
- IDC Pushes to Oust Curve Chair Amid Lloyds Deal Dispute
- Exclusive: Investor Frustration Grows Over Lloyds’ £120m Curve Takeover
- Lloyds Eyes Fintech Firm Curve
The EGM will mark a critical moment in the future of the fintech, reflecting deep divisions between its board and key investors. Sources indicate that IDC and other shareholders opposed to the takeover terms intend to push for the removal of both Lord Stanley Fink, Curve’s chairman, and Shachar Bialick, the company’s founder and chief executive.
Investor Anger Over Sale Terms
IDC Ventures has been vocal in its dissatisfaction with how the transaction has been managed, particularly over how the sale proceeds would be distributed. The firm has accused Curve’s leadership of failing to engage meaningfully with investors and of withholding basic details about the deal.
In a recent statement, IDC expressed concern about Lord Fink’s reappointment as chairman in late July after an earlier decision had removed him from the board. The investor argued that this development underscored broader governance issues at the company.
IDC, which first invested in Curve in 2019 and has participated in multiple funding rounds since, has instructed law firm Quinn Emanuel to advise it on the matter. The investor has signaled that it is prepared to act decisively to protect its position if its concerns are not addressed.
Curve’s Position and Financial Reality
Curve has not engaged publicly with media queries about the sale, but insiders suggest that the company continues to insist the process has been handled fairly and in the interests of all shareholders. Earlier this month, founder Shachar Bialick told investors that while the sale price was below earlier expectations, Curve had limited options. According to those familiar with his remarks, he warned that without the Lloyds transaction, the company risked running out of funds before the end of the year.
Since its founding, Curve has raised at least £250 million from investors. Despite attracting significant backing, the company has struggled to maintain momentum in recent years, scaling back some expansion plans and shifting its focus to its core payments services.
What’s at Stake
For Lloyds, the acquisition would represent a push to modernize its payments infrastructure and reduce reliance on third-party providers such as Apple Pay and Google Wallet. For Curve’s investors, however, the proposed £120 million price tag is far below the valuations implied in earlier fundraising rounds.
The EGM now places Curve at a crossroads. Shareholders will not only debate whether the Lloyds deal should proceed but also the composition of the board itself. The outcome could determine whether Curve moves ahead with the takeover, seeks alternative financing, or faces deeper financial strain.
Broader Implications
The dispute underscores wider tensions in the fintech sector, where early optimism has often collided with harsher funding realities. Companies once celebrated as potential market leaders are increasingly being sold at valuations that leave investors disappointed, while buyers such as large banks see opportunities to acquire technology at lower cost.
For Curve, the stakes are immediate. With cash reserves under pressure and investor trust eroding, the upcoming EGM may prove decisive in determining whether the company continues under its current leadership or undergoes a significant reset as part of its sale to Lloyds.
