Lloyds Banking Group has announced plans to acquire Curve, the London-based digital wallet platform that lets users combine multiple cards and accounts into a single app. The purchase, reportedly valued at around £120 million, underlines the bank’s push to accelerate its digital transformation and compete more effectively with challenger brands.
Founded in 2015, Curve enables customers to manage all their debit and credit cards from one interface while offering tools such as “Go Back in Time” for retroactive payment switching, “Pay Later” for short-term financing, and zero-fee spending abroad. The company is authorised and regulated in both the UK and EEA and processes billions of pounds in annual transactions.
Lloyds said the acquisition — expected to complete in the first half of 2026 — will not materially affect its 2025–26 capital position or guidance. The bank plans to integrate Curve’s underlying wallet infrastructure directly into its own mobile-banking ecosystem, giving its 28 million customers access to enhanced payment functionality and greater control over spending.
In a statement released to investors, Lloyds said: “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 transaction reflects a growing trend among established banks to buy in wallet and embedded-payments capabilities rather than build them in-house. Analysts describe Curve’s technology as a “funding-orchestration engine” — enabling users to switch the source of payment in real time — a function increasingly relevant as consumers diversify across cards, credit, and digital wallets.
For Lloyds, the acquisition also fits a wider pattern of incremental, tech-focused M&A activity designed to enhance its app-based services without large-scale financial exposure. The bank has previously highlighted digital experience as a key competitive battleground, noting that mobile logins now exceed 1.5 billion per month across its platforms.
Industry observers say the move positions Lloyds closer to the model adopted by fintech-led challengers such as Revolut and Monzo, whose wallet-style interfaces and flexible payment controls have drawn younger, digitally native customers. It also comes amid increasing regulatory focus on open-banking infrastructure and data-sharing standards, both of which are expected to reshape how incumbents deliver financial services over the next decade.
Investor disputes emerge —
While the deal strengthens Lloyds’ technology base, it has prompted discontent among some of Curve’s shareholders. Early investors have expressed disappointment with the reported valuation, suggesting it falls short of previous fundraising expectations. Curve had raised more than £230 million since launch, including backing from investors such as IDC Ventures and Outward VC.
Soon after the announcement, IDC Ventures, Curve’s largest external shareholder with 12% of the company’s equity, issued a statement expressing concern over the conduct of Curve’s board and management during the sale process. The statement read:
“IDC Ventures remains deeply concerned about the conduct of Curve’s management and board during the current sale process. Issues regarding the company’s governance and ownership are disputed, and IDC is reserving all legal rights pending further developments.
“IDC Ventures alleges that a small group of directors and investors, notably Curve’s CEO Shachar Bialick, board members Tomer Jacob of Hanaco Ventures and Lord Fink, and certain other directors including Tom Bradley and Cuong Do, facilitated corporate decision-making to entrench control and override shareholder rights.
“It is a matter of real surprise to shareholders that Lloyds Banking Group, a leading UK institution, would contemplate proceeding with a transaction that IDC believes is not in the best interests of the company or its shareholders. As such, IDC does not intend to support the proposed sale and does not believe that it is capable of being implemented without its support.
“IDC expects the board and any prospective purchasers to act responsibly and transparently, and will take all necessary steps to protect shareholder interests if those obligations are ignored.”
The acquisition remains subject to approval by the Financial Conduct Authority and the Prudential Regulation Authority. Lloyds has not disclosed detailed integration timelines, but executives confirmed that Curve’s brand will continue to operate under its own name in the near term.
If completed as planned, the deal would represent one of the most significant UK fintech acquisitions of 2025 — signalling that legacy lenders are now competing as much on digital experience as on interest margins.
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