Lloyds Banking Group has agreed to acquire digital wallet provider Curve in a £120 million deal finalized on Monday, November 17, 2025, marking one of the bank’s most significant moves yet in its push to modernize payment infrastructure.
The acquisition is part of Lloyds’ broader strategy to reduce reliance on third-party payment providers, most notably Apple Pay, by bringing more of its digital wallet capabilities in-house. Curve’s technology will allow Lloyds to integrate multi-card features, enhanced user controls, and consolidated spending tools directly into its own apps, giving the bank far greater control over customer experience and data.
Despite Curve’s prominence in the fintech sector, the agreed purchase price of £120 million came in lower than both its 2023 valuation of £133 million and the total capital the company has raised since its launch in 2016. This discount has sparked criticism from several early investors, including IDC Ventures, Curve’s largest external shareholder.
For Lloyds, however, the acquisition represents a strategic opportunity to accelerate its capabilities in the digital payments race, as traditional banks increasingly compete with tech platforms for control over consumer financial interactions.
