Lloyds Banking Group Reportedly Set to Acquire Curve

Lloyds Banking Group is reportedly in talks to acquire digital wallet provider Curve in a $162 million deal, aiming to strengthen its digital payments capabilities.

The bank has identified Curve for a prospective deal as it is a strategically attractive bid target, as it pushes deeper into payments infrastructure.

Curve has emerged as a challenger to Apple Pay in recent years, having initially starting out as an app that lets users combine multiple debit and credit cards into one digital wallet.

The talk of an acquisition also comes at a time when Apple is under pressure from EU regulators to make its payment services accessible to third parties.

Through the acquisition of Curve, Lloyds would be able to develop a smartphone-based wallet that could potentially bypass Apple Pay fees.

If the negotiation is successfully concluded, a deal could be announced by the end of September.

Curve was founded in 2016 by Shachar Bialick and has raised over £200 million in equity to date, including more than £40 million last year. That raise came alongside cost-cutting measures, including a pause on its US expansion and a reduction in staff.

The potential acquisition aligns with Lloyds’ broader strategy to boost its tech capabilities. The bank already holds stakes in several fintechs, including banking-as-a-service provider ThoughtMachine.