Curve investor IDC seeks removal of chair amid row over Lloyds deal

One of the biggest shareholders in Curve, the British fintech, is seeking the removal of Lord Fink, the City grandee who chairs it, amid an escalating row over its prospective £120m sale to Lloyds Banking Group.

Sky News has learnt that IDC Ventures, which describes itself as Curve's largest external investor with a 12% stake, wants to oust the former Man Group chief executive, who became the digital wallet provider's chairman earlier this year.

IDC Ventures is one of a number of Curve shareholders who have been infuriated by the sale of the business to Lloyds because of the proposed distribution of the sale proceeds.

The acquisition by Britain's biggest high street lender is expected to be signed imminently.

In a statement issued to Sky News on Tuesday, IDC Ventures said it noted "with concern the recent reappointment of Lord Stanley Fink as director and chairman on 31 July after the appointing shareholder had effected his removal on 29 July".

"We believe this situation is untenable and are exercising our rights alongside other significant investors to seek his removal once more," it said.

The investor added: "As long-standing investors in Curve, in almost every year since 2019, we are deeply disappointed by the board's approach to this transaction and failure to engage with us.

"The board is refusing to provide us with basic information about the transaction, or how it can lawfully be implemented without our support."

IDC Ventures, which has appointed the London law firm Quinn Emanuel to advise it on the situation, has backed dozens of early-stage companies.

It first invested in Curve six years ago and has participated in or led several funding rounds for the company.

Last week, Sky News revealed that Shachar Bialick, Curve's founder and chief executive, had written to shareholders to acknowledge that the sale price was disappointing and warned that the company would probably run out of money this year unless a sale to Lloyds was agreed.

In total, Curve is understood to have raised at least £250m in funding since it was established.

On Tuesday, IDC Ventures said it and its lawyers had "written repeatedly to the company and the board about our significant concerns without receiving any meaningful response or engagement".

"Following this, given the potential issues that its participation in this process would raise for it, further letters were sent directly to Lloyds.

"However, Lloyds has not responded."

The investor added: "We will act firmly and decisively to protect our commercial interests and expect the board and Lloyds to engage properly with our concerns before proceeding with any purchase and potentially exposing all stakeholders to prolonged and value-destructive litigation.

"IDC Ventures is committed to protecting the rights of shareholders and the highest standards of corporate governance, accountability, and transparency.

"The current silence from Curve's leadership and lack of engagement from Lloyds in response to legitimate shareholder concerns is unacceptable and inconsistent with those standards."

IDC Ventures' decision to publicly voice its unhappiness at the sale and the way it has been conducted underscores the potential for a messy legal fight over the proceeds.

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The shareholder had previously praised the company's technology and expressed a belief that it would be among the winners from the fast-evolving payments sector.

"Thanks to their unique technology...they have the capability to intercept the transaction and supercharge the customer experience, with its Double Dip Rewards, [and] eliminating nasty hidden fees," IDC Ventures said at the time of its Series C fundraising.

"And they do it seamlessly, without any need for the customer to change the cards they pay with."

Lloyds hopes that buying Curve will give it an edge in the race to build smarter online payments systems amid growing regulatory pressure on Apple to open its payment services to rivals.

When he was appointed to the role in January, Lord Fink said: "Working alongside Curve as an investor, I have had a ringside seat to the company's unassailable and well-earned rise.

"Beginning as a card which combines all your cards into one, to the all-encompassing digital wallet it has evolved into, Curve offers a transformative financial management experience to its users.

"I am proud to have been part of the journey so far, and welcome the chance to support the company through its next, very significant period of growth."

Lloyds declined to comment, while Curve said in an emailed response to a request for comment that it could not do so "without further information".

(c) Sky News 2025: Curve investor IDC seeks removal of chair amid row over Lloyds deal