The founder of online bank Bunq has taken another major shareholder to court in a dispute over new investments, the Financieele Dagblad reported on Monday.

Ali Niknam launched a legal case against London-based investment group PSC after it apparently pulled out of a deal to put more money into the company. According to Bunq the deal had been agreed last month.

However, Amsterdam’s commercial court ruled in favour of PSC, stating that Bunq’s negotiator in the talks was not authorised to do the deal. In addition, the court said an email sent by Bunq to PSC on June 18 email, which it described as “brief staccato bullet points”, was nothing more than a stage in the negotiations, rather than a final agreement.

PSC told the paper it would not comment on the court case and preferred instead to focus on “Bunq’s ambitious growth plans”.

A Bunq spokesman, however, told RTLZ the negotiations are continuing and it expects to reach an agreement soon.

“Earlier, the parties were close to a deal, but then the CEO of Pollen Street Capital intervened, forcing the shareholders back to the drawing board,” the spokesman said. “We have since been informed by the shareholders that the deal is almost complete and the formalities are being finalised.”

PSC paid €168 million for just under 10% of the online bank two years ago, valuing the company at €1.6 billion.