Major investor IDC Ventures has launched a High Court legal challenge aiming to overturn the £125 million sale of digital wallet provider Curve to Lloyds Banking Group, Sky News has learned.
The petition, filed on Friday 21st November 2025, alleges serious governance failures by Curve's leadership and claims the transaction unfairly benefits certain shareholders at the expense of others.
Legal Battle Escalates Over Sale Terms
IDC Ventures, which holds a 12% stake in Curve, accuses key directors including founder Shachar Bialick and chairman Lord Fink of undermining shareholder rights and concealing material information.
According to IDC's statement, directors and another major shareholder, Hanaco, enabled Hanaco to secure disproportionate economic rights and voting control while other investors suffered losses.
The legal claim states: The claim sets out the intentional concealment of material information by certain parties from the board and shareholders, combined with breaches of contract and directors' duties.
Substantial Financial Claims and Lloyds' Position
IDC Ventures alleges that over £670 million of shareholder value has been wiped out due to the alleged governance failures that preceded the sale to Lloyds.
The deal involves a headline price of approximately £110 million with an additional £15 million earnout, substantially below the $50 billion valuation Bialick once predicted for Curve by 2030.
IDC expressed surprise that Lloyds, a major UK institution, would proceed with the transaction despite being notified in writing of the governance concerns and disputed decision-making process.
Lloyds stated earlier this week that acquiring Curve would allow it to offer enhanced payments experience to its 28 million customers within mobile banking.
Broader Context and Company Situation
This legal challenge represents the latest escalation in an ongoing conflict between IDC Ventures and Curve's leadership. The investor recently failed in an attempt to remove both Lord Fink and Mr Bialick as company directors.
Bialick has previously acknowledged the disappointing sale price and warned that Curve would likely run out of money this year without the Lloyds acquisition.
Since its establishment, Curve has raised at least £250 million in funding from investors, making the current sale price particularly contentious among some shareholders.
Neither Curve nor Lloyds responded to requests for comment on the legal filing.
