Lloyds Banking Group is on the verge of acquiring digital wallet provider Curve in a transaction valued at approximately £120 million, according to reports from Sky News.
The UK's largest high street lender has been in advanced negotiations with the fintech startup, with an announcement potentially coming within days. The deal would give Lloyds ownership of Curve's technology platform, which allows users to consolidate multiple payment cards into a single app.
Curve has built a following among consumers looking for more flexibility in how they manage their cards and spending. The platform's features include the ability to switch past purchases between different cards, earn additional rewards, and avoid foreign exchange fees.
For Lloyds, the acquisition represents a strategic move to enhance its digital banking capabilities and offer customers more sophisticated money management tools. The bank has been investing heavily in its mobile app and digital services as customer preferences shift away from branch banking.
If completed, the deal would mark one of the more significant fintech acquisitions by a traditional UK bank in recent months. It also provides an exit for Curve's investors and validates the company's approach to reimagining how consumers interact with their payment cards.
The £120 million price tag reflects both Curve's technology assets and its established user base. Final terms and timing remain subject to negotiation and regulatory approval.