Lloyds in Talks to Buy Curve for £120 Million

Lloyds Banking Group, the UK's largest high street bank, is in advanced talks to acquire digital wallet fintech Curve for up to £120 million, with a deal potentially finalized by the end of September 2025. Curve, founded in 2016, enables users to consolidate multiple payment cards into a single smart card and app, positioning itself as a competitor to Apple Pay. The acquisition is driven by Lloyds' strategic aim to expand its digital payments infrastructure and reduce dependence on Apple Pay fees, especially as regulatory pressure mounts on Apple to open its payment systems to competitors. Curve has raised over £200 million in equity since inception, but the proposed deal values it below the £133 million achieved in its 2023 Series C funding round. The transaction would strengthen Lloyds' fintech credentials and support its digital banking growth strategy. Both companies have declined to comment on the ongoing negotiations.