Curve swings to £9m loss as Lloyds takeover remains incomplete
Curve has swung to a loss as the Apple Pay rival’s future faces uncertainty ahead of its takeover by Lloyds Banking Group.
The digital wallet provider suffered a £9.5m loss in the 2024 financial year, a major drawback from its £3m profit the 12 months prior. The tide turned on Curve’s balance sheet as revenue slumped by £2m to £37m, whilst cost of sales jumped to just shy of £14m, up from £9m.
Lloyds reached a deal to acquire the fintech in a deal for an undisclosed sum in November 2025. Sky News had reported around the time that Lloyds would pay around £120m.
It followed Curve being valued at around £133m in 2023 after a funding round that included Ceranco Management, which is linked to the estate of Microsoft co-founder Paul Allen.
The firm said at the time that the transaction would be completed in the first half of 2026, subject to standard regulatory approvals. Curve hailed the acquisition as a “partnership rooted in shared ambition”.
Curve has no ‘visibility’ to future
But in the latest accounts filed by Curve, the fintech said as of May 8 it did not have “access or full visibility” to the future plans of Lloyds, which include “financing arrangements or future restructuring proposals by the new owner”.
“The sale to [Lloyds] has not yet completed, and the impact of the sale on the future operation will be dependent on the future owner,” it added.
The firm took the chop to its headcount in the financial year, dwindling to 167 from 188 in the UK and down to 196 from 208 when including its global parent and subsidiaries.
Shahar Bialick, the firm’s founder and chief executive, wrote in the accounts that whilst it was “unlikely” the deal with Lloyds faces delays or is abandoned, Curve would face a “near-term funding requirement” should it be kicked to the curb.
The firm’s audit corroborated this, adding there was “a material uncertainty that exists that casts significant doubt on the entities’ ability to continue as a going concern”.