UK-based lender Lloyds has reportedly planned to close in on the acquisition of fintech company Curve for GBP 120 million and announce the deal as soon as this week.
According to details reported by Sky News and City sources, during the first weekend of September 2025, Lloyds and Curve have agreed upon the terms of a transaction; however, a formal announcement could be made later in the month. The two companies have been in talks for a few months now, with discussions taking place since July 2025.
Why would Lloyds acquire Curve?
Lloyds, which is the owner of the Halifax brand and operates one of the largest bank branch networks in the UK, with the number reaching 700 branches, sees Curve’s digital wallet platform holding significant value during this period of time, when regulators pressure Apple to open its payment services to other industry participants.
Allegedly, Lloyds has identified Curve, which initially rolled out as an app enabling consumers to merge their debit and credit cards in a single wallet, as a strategic target as it focuses on optimising its payment infrastructure. In addition to its possible deal with Curve, Lloyds also owns stakes in several fintech companies, including the Banking-as-a-Service (BaaS) platform Thought Machine. However, the group has also been working on expanding its technological capabilities as part of its strategic objectives.
Furthermore, the news about Lloyds and Curve’s potential acquisition agreement comes just before Chancellor Rachel Reeves is expected to introduce plans to expand the UK’s fintech sector by endorsing a concierge service to match startups with investors.
The same sources mention that Curve is being advised by KBW, part of the investment bank Stifel, on the deal with Lloyds. At the time of writing, neither Lloyds nor Curve commented on the matter.
