Lloyds Banking Group PLC (LSE:LLOY) is looking to step up its mobile banking game with the acquisition of Curve, a London-based fintech that provides an all-in-one digital wallet.
No price was confirmed by either party, but reports in recent months suggested a valuation of £120 million for the fintech.
Curve’s platform allows users to integrate various bank cards, loyalty cards and alternative payment methods into one secure app, while also offering features such as money-saving tools and loyalty rewards.
The Paddington-based company, founded by serial entrepreneur Shachar Bialick, has been reported to have around six million customers, half from the UK, half in mainland Europe and has been looking to take a bite out of dominant players such as Apple Pay, with a claim that over a third of customers sign up for the Curve Pay app as their default iPhone setting.
Lloyds stated the deal is not expected to materially impact its financials or full-year guidance for 2025 or 2026.
Lloyds said it would integrate the Curve Pay app into its mobile banking services to offer customers more flexible and personalised payment options, with "advanced digital wallet features" including switching past purchases across accounts, earning rewards on top of existing card benefits, accessing Pay Later solutions, and avoiding foreign exchange fees from any card linked to the app.
"Our investment in this London-based fintech marks another significant milestone in the group's strategy to deliver market-leading digital experiences and thereby empower our 28 million customers via the group's digital offering," the FTSE 100-listed lender said.
The transaction is expected to complete in the first half of 2026, pending regulatory approval.
Curve processes billions in annual payment volumes and is authorised and regulated in the UK and the EEA.