«and hopefully worth around $50bn to $60bn.»
Curve’s publicly disclosed shareholders include Britannia, IDC Ventures, Cercano Management – the venture arm of Microsoft co-founder Paul Allen’s estate – and Outward VC.
It was unclear on Wednesday which shareholders had expressed disquiet over the planned distribution of the sale proceeds.
One source said that Mr Bialick had recently written to shareholders to acknowledge that the price was disappointing and warned that the company would probably run out of money this year unless a sale to Lloyds was agreed.
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.»
IDC Ventures, one of the investors in Curve’s Series C funding round, said at the time of its last major fundraising: «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.
«And they do it seamlessly, without any need for the customer to change the cards they pay with.»
Curve refused to respond to a series of requests seeking comment.
Investors in Curve, a digital wallets provider, are currently in a dispute over the distribution of funds from the company’s anticipated £120m sale to Lloyds Banking Group. This sale price only represents half of the total funding that Curve has raised since its inception a decade ago. The disagreement between investors and the company has escalated to the point where at least one investor has requested the removal of Lord Fink, the chairman of Curve.
Lloyds is nearing a deal to acquire Curve, aiming to gain an advantage in the development of more advanced online payment systems. This move comes as regulatory pressure mounts on Apple to open up its payment services to competitors.
Curve was founded by Shachar Bialick in 2016 and was considered one of the UK’s most promising fintech companies. Bialick had high hopes for the company’s future, envisioning it to be valued at $50bn to $60bn in the next decade.
Curve’s shareholders include Britannia, IDC Ventures, Cercano Management (backed by Microsoft co-founder Paul Allen’s estate), and Outward VC. Some shareholders have expressed concerns about the planned distribution of the sale proceeds, prompting Bialick to acknowledge the disappointing price and warn that the company may face financial challenges unless the sale to Lloyds goes through.
Lord Fink, who was appointed as an investor in Curve earlier this year, expressed pride in the company’s growth and evolution from a simple card aggregator to a comprehensive digital wallet offering a unique financial management experience to users. IDC Ventures, a participant in Curve’s Series C funding round, praised the company’s technology for enhancing customer experience and eliminating hidden fees seamlessly.
Curve has declined to comment on the ongoing situation despite multiple requests for clarification.
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