Lloyds Banking Group is reportedly in advanced discussions to acquire financial technology company Curve, with the deal expected to value at approximately £120m.
The transaction could be finalised as early as September 2025, according to sources cited by Sky News. The British bank sees Curve as a strategically important acquisition as it seeks to expand its presence in the payments infrastructure sector.
Curve, which was founded in 2016 by Shachar Bialick, a former Israeli special forces soldier, has positioned itself as a rival to Apple Pay.
Currently under pressure from European Union (EU) regulators, Apple may have to make its payment services accessible to other parties. For Lloyds, acquiring Curve would create a smartphone-based digital wallet alternative that could potentially bypass Apple Pay fees.
The potential acquisition price of £120m is lower than the £133m valuation Curve achieved during its Series C funding round in 2023. That particular round attracted investments from Britannia, IDC Ventures, Cercano Management, and Outward VC.
While Curve has raised over £200m in equity since its inception, it also faced some challenges last year, including reducing its workforce and suspending its expansion plans in the US.
Lloyds has identified Curve as a financially rational asset due to Apple’s existing fees for its Apple Pay service. The banking group already holds investments in various fintech companies and has made technological expansion a strategic objective under chief executive Charlie Nunn.
Curve’s digital wallet service allows users to consolidate multiple bank cards into one secure platform, offering benefits such as skipping foreign exchange fees and stacking rewards. It boasts over six million customers and processes billions in payments each year across the UK and European Economic Area (EEA).
