Lloyds Banking Group is in advanced discussions to acquire Curve, a British digital wallet start-up, potentially for up to £120 million. This acquisition would enhance Lloyds' presence in consumer payments and compete against major players like Apple and Google. Curve, founded in 2016, started as a smart card and has evolved into a digital payments platform. Despite raising over £200 million in funding, Curve's valuation may not meet past benchmarks, suggesting a challenging environment for fintech funding. Lloyds views the acquisition as strategic and financially rational amid regulatory pressures on tech giants.
Lloyds Banking Group is in advanced talks to acquire Curve, the British digital wallet start-up, in a move that would deepen the bank's presence in consumer payments.
Curve initially launched as a smart card and app that consolidates all of a user's debit and credit cards into one wallet, evolving into a broader digital payments platform.
Lloyds sees Curve as both a strategic and financially rational acquisition to strengthen its position in the competitive digital payments landscape.
Despite raising over £200 million in total equity, Curve's current valuation may fall short of its previous fundraising benchmark, indicating challenging conditions in fintech.
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