Why has Lloyds Banking Group Acquired Digital Wallet Curve?

Lloyds has announced the acquisition of Curve, a digital wallet provider that aims to become an operating system for money. 

The acquisition has been in the pipeline since September 2025, with predictions that the acquisition would happen later in the month. 

Financial arrangements have not been disclosed at this time, however, Sky News has reported that the figure was in the range of £120m (US$162m). 

Lloyds and Founder of Curve Shachar Bialick state that the move is in aid of progressing Curve’s digital innovation to reach tens of millions Lloyds customers. 

Shachar says: “This is a huge moment for Curve - not just as a milestone, but as a heartfelt reminder of what happens when a small team dares to dream big and sticks with it through the storms.”

Despite the announcement, Curve has faced backlash from one of its lead investors over the deal, with IDC Ventures claiming the deal was "not in the best interests of the company or its shareholders".

It said in a statement: "IDC does not intend to support the proposed sale and does not believe that it is capable of being implemented without its support.

"IDC expects the board and any prospective purchasers to act responsibly and transparently, and will take all necessary steps to protect shareholder interests if those obligations are ignored."

Where does Curve fit with Lloyds’ digital strategy? 

Lloyds says it is providing a "next generation banking experience" in its LinkedIn post announcing the acquisition. 

The UK’s largest digital bank recently announced an increase in its digital strategy through the introduction of agentic AI framework for customers, expected to be deployed in early 2026 to 21 million accounts. 

Similarly, the UK banking giant extended its partnership with Broadcom to support infrastructure for its customers, accelerating digital transformation. 

Where does Curve fit with Lloyds’ digital strategy? 

Lloyds says it is providing a "next generation banking experience" in its LinkedIn post announcing the acquisition. 

The UK’s largest digital bank recently announced an increase in its digital strategy through the introduction of agentic AI framework for customers, expected to be deployed in early 2026 to 21 million accounts. 

Similarly, the UK banking giant extended its partnership with Broadcom to support infrastructure for its customers, accelerating digital transformation. 

The largest external investor in Curve, with 12% of shares, adds: "IDC Ventures remains deeply concerned about the conduct of Curve’s management and board during the current sale process. Issues regarding the company’s governance and ownership are disputed, and IDC is reserving all legal rights pending further developments.

"IDC Ventures alleges that a small group of directors and investors, notably Curve’s CEO Shachar Bialick, board members Tomer Jacob of Hanaco Ventures and Lord Fink, and certain other directors including and Tom Bradley and Cuong Do, facilitated corporate decision-making to entrench control and override shareholder rights.

Curve has stated that the partnership is the next ‘natural step’ to help people gain control of their finances. 

Shachar notes: “Today, joining forces with Lloyds Banking Group opens doors we could only imagine. 

“Their scale and shared vision mean Curve's innovations can reach tens of millions more - empowering everyday folks across the UK and beyond to spend smarter, not harder. 

“It's humbling to think how far we've come, and profoundly grateful for the investors, partners, and especially our incredible Curve team who've believed in this journey when the path wasn't always clear and through pure grit and resilience got us to this milestone.”

Curve’s appeal

Curve Pay is a digital wallet that consolidates all cards into one space, allowing customers to spend, save and earn. 

Through Curve Pay, customers can access features such as Go Back in Time and Anti-Embarassment. 

Shachar says that Go Back in Time is a “quiet superpower for undoing a purchase gone wrong - born from real frustrations we all share”.

Shachar goes on to say that the London-born fintech is praised for services such as “dodging hidden FX fees on travels abroad” and “stacking rewards without the fine print traps”.

The digital wallet provider claims to center its approach around its customers. Shachar  explains that every product is “built by a team that poured heart into every line of code and every user story”. 

He continues: “These weren't just products; they were acts of empathy.”

Starting from a sketch: Where it all began for Curve

The concept for Curve arose a decade ago in a London cafe, as the brainchild of Shachar Bialick’s napkin doodles. 

In a LinkedIn post responding to the acquisition, Shachar says: “Ten years ago, I sketched out Curve on a napkin in a London café: a simple idea to consolidate cards into one smart wallet and even a smarter card, sparing people the hassle of juggling plastics and apps. 

“Back then, we were bootstrapping with grit, facing rejections, pivots, and those late nights where doubt creeps in louder than the excitement. 

“But our north star never wavered: make people's financial lives simpler, fairer, and a little more magical.”

“We're not slowing down. This is fuel for the next chapter: bolder ideas, deeper impact, and a world where money works for people, not the other way around.”

Neither company has commented on next steps or timelines for the acquisition.