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Lloyds Banking Group is reportedly in advanced negotiations to acquire Curve, the UK-based digital wallet provider, in a deal that could be valued at up to £120 million.
The move would mark a significant strategic push by Britain’s largest high street bank into the digital payments arena, as regulators intensify scrutiny on Big Tech’s dominance over mobile wallets.
Curve
Lloyds eyes Curve acquisition
Founded in 2016 by Israeli entrepreneur Shachar Bialick, Curve began as a platform allowing users to consolidate multiple debit and credit cards into one digital interface.
Since then, it has evolved into a fully-fledged payments solution, positioning itself as a challenger to Apple Pay and Google Wallet.
The company has raised over £200 million in equity funding to date, including a £133 million Series C round in 2023 backed by high-profile investors such as IDC Ventures, Outward VC, and Cercano Management, the venture arm of the late Paul Allen’s estate.
Despite its ambition – Bialick once predicted a $50–60 billion IPO valuation – Curve has faced commercial headwinds.
The company cut staff and paused its US expansion last year, even as it raised more than £40 million in fresh capital.
A mooted acquisition price below its last funding valuation would suggest a recalibration of investor expectations.
Lloyds Bank
Lloyds’ interest in Curve aligns with its broader tech-focused agenda under CEO Charlie Nunn.
The bank has already taken stakes in fintech firms like ThoughtMachine and sees payments infrastructure as a critical growth area.
Curve’s technology could allow Lloyds to bypass the hefty fees charged by Apple Pay, while giving it a direct interface with consumers in the burgeoning digital wallet space.
The talks come at a pivotal moment: UK regulators are investigating the competitive implications of Apple and Google’s control over mobile payments, raising the possibility of a more level playing field.
Meanwhile, Chancellor Rachel Reeves is poised to unveil plans to bolster the UK fintech sector, including a concierge service to better connect start-ups with investors.
Neither Curve nor Lloyds has commented publicly on the potential deal, which could be announced as early as September if discussions conclude successfully.
If completed, it would mark one of the most high-profile fintech acquisitions in the UK this year.
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