Lloyds Banking Group is reportedly in talks to acquire digital wallet provider Curve for £120 million, according to Sky News.The broadcaster said that negotiations are at an advanced stage, adding that the deal could be announced by the end of September if an agreement is reached.

The deal would strengthen the bank's presence in digital payments infrastructure, as it continues to invest in FinTech to boost its digital capabilities and remain competitive in the fast-evolving financial landscape.

As part of its technology expansion strategy, Lloyds currently holds a stake in the banking-as-a-service platform ThoughtMachine, which offers core banking technology.

The bank has also recently acquired minority stakes in several financial start-ups, including AI specialist for financial services Aveni and Fennech, which provides AI-based financial automation.

Curve was founded by former Israeli special forces soldier Shachar Bialick in 2016.

The FinTech's mobile payment solutions allow customers to make contactless payments, whilst also providing features such as the ability to retroactively change the cards used, split payments, get cashback, and track spending on accounts such as PayPal.

In May, the digital wallet became the first direct competitor to Apple Pay in the European Economic Area (EEA) by launching Curve Pay on iOS after it became available on Android.

The current price range under discussion, between £100 million and £120 million, would represent a lower valuation than the £133 million raised by Curve in its Series C funding round, which concluded in 2023 and was backed by Britannia, IDC Ventures and Cercano Management.

The round was one of the largest FinTech fundraisers of the year and brought Curve's total equity investment to £208 million to date.

An insider said this weekend that Curve was being advised by investment bank KBW, part of investment bank Stifel, in its negotiations with Lloyds, according to the Sky report.

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