Lloyds Banking Group PLC announced on November 19 2025 that it will acquire Curve, the London‑based fintech that offers an all‑in‑one digital wallet, for an undisclosed fee that industry reports peg at roughly £120 million. The deal brings Curve’s six‑million‑user base and its card‑consolidation technology into Lloyds’ mobile banking ecosystem, allowing the bank to offer cross‑account spending, rewards, and foreign‑exchange fee avoidance directly to its customers.
The acquisition is a core element of Lloyds’ broader digital‑transformation agenda. By owning Curve’s payment rails, Lloyds can reduce its reliance on third‑party platforms such as Apple Pay and Google Pay, capture transaction value that would otherwise flow to those providers, and deepen customer engagement through a unified wallet experience. The move also positions Lloyds to compete more effectively with challenger banks and global payment players that are rapidly expanding their own digital‑wallet offerings.
Financially, the £120 million purchase is modest relative to Lloyds’ scale and is not expected to materially affect the bank’s 2025 or 2026 earnings guidance. The transaction is therefore framed as a strategic investment rather than a short‑term earnings driver, which explains the muted market reaction.
Curve shareholders, particularly IDC Ventures, have expressed concern that the offer undervalues the company, citing its prior funding rounds and growth potential. The Curve board has defended the valuation as the best available path forward given the company’s financial challenges and tighter funding conditions. These shareholder disputes add a layer of uncertainty that could influence the deal’s completion and integration.
Early trading on the London Stock Exchange saw Lloyds’ shares dip about 1.15 percent, a reaction that analysts attribute to the modest financial impact of the deal and the ongoing valuation debate. Investors appear cautious, focusing on the potential for regulatory delays and the need for a smooth integration of Curve’s technology.
The transaction is expected to close in the first half of 2026, pending regulatory approval. Lloyds plans to integrate Curve’s platform into its existing mobile banking services, leveraging the fintech’s technology to enhance payment convenience and customer retention.
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