Lloyds Banking Group to acquire Curve digital wallet fintech

Lloyds Banking Group plc has agreed to acquire Curve, a London-based fintech that operates a digital wallet platform bringing multiple cards and payment sources into one app.

Rhea-AI Filing Summary

Lloyds Banking Group plc has agreed to acquire Curve, a London-based fintech that operates a digital wallet platform bringing multiple cards and payment sources into one app. Curve processes billions in payments annually and offers features such as money-saving tools and loyalty benefits.

Lloyds plans to integrate Curve Pay and Curve's wallet technology into its own mobile banking, aiming to give its 28 million customers greater payment flexibility, rewards on top of existing card benefits, Pay Later options and reduced foreign exchange fees from cards linked to the app. The deal, which is subject to regulatory approval, is expected to complete in the first half of 2026 and is not expected to have a material impact on Lloyds Banking Group's financial position or guidance for 2025 or 2026.

Insights

Banking M&A and digital transformation analyst

Lloyds adds Curve’s wallet tech to deepen digital engagement, with limited near-term financial impact.

Lloyds Banking Group is acquiring Curve, a UK and EEA regulated digital wallet that aggregates cards and alternative payment sources and processes billions in payments annually. The transaction is framed as a strategic step to accelerate Lloyds’ digital transformation and enhance its mobile banking proposition.

The integration of Curve Pay and related wallet features is intended to expand payment flexibility for Lloyds’ 28 million customers, including switching past purchases between accounts, layering rewards on existing cards, Pay Later options and avoiding foreign exchange fees on linked cards. These capabilities could strengthen customer engagement if adoption is high, but execution will depend on successful technology integration and user experience.

The company states that the acquisition is not expected to have a material impact on the Group’s financial position, capital or full-year guidance for 2025 or 2026. This suggests the purchase price and near-term earnings effects are modest relative to the overall Group, positioning the deal primarily as a strategic technology and capability enhancement rather than a financial re-rating event.

FAQ

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What did Lloyds Banking Group (LYG) announce in this Form 6-K?

Lloyds Banking Group plc announced that it has agreed to acquire Curve, a London-based fintech operating a digital wallet platform, as part of its strategy to broaden and accelerate its digital transformation.

Who is Curve and what does it do for Lloyds Banking Group (LYG)?

Curve is a fintech authorised and regulated in the UK and EEA that runs a digital wallet platform combining multiple cards and alternative payment sources into one secure app. It processes billions in payments annually and offers money-saving, loyalty and advanced payment features that Lloyds plans to integrate into its mobile banking services.

How will the Curve acquisition benefit Lloyds Banking Group’s customers?

Lloyds expects the combination to give its 28 million customers enhanced payment flexibility, including switching past purchases across accounts, earning additional rewards on existing cards, accessing Pay Later solutions and avoiding foreign exchange fees on cards linked to the Curve app, providing more personalised ways to manage their money.

When is the Lloyds Banking Group (LYG) acquisition of Curve expected to complete?

The acquisition of Curve by Lloyds Banking Group is expected to complete in the first half of 2026, subject to regulatory approval.

What is the expected financial impact of the Curve acquisition on Lloyds Banking Group?

Lloyds states that, from a financial perspective including capital impact, the transaction is not expected to have a material impact on the Group or to affect its full-year guidance for 2025 or 2026.

How does the Curve deal fit into Lloyds Banking Group’s digital strategy?

The investment in Curve is described as a significant milestone in Lloyds Banking Group’s strategy to deliver market-leading digital experiences and empower customers through its digital offering, by adding advanced digital wallet and payments technology to its existing mobile banking platform.

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Accepted by SEC EDGAR 11/19/2025 - 07:44 AM EST Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16a

of the Securities Exchange Act of 1934

19 November 2025

LLOYDS BANKING GROUP plc

(Translation of registrant's name into English)

5th Floor

25 Gresham Street

London

EC2V 7HN

United Kingdom

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports

under cover Form 20-F or Form 40-F.

Form 20-F..X..     Form 40-F 

Index to Exhibits

Item

 No. 1 Regulatory News Service Announcement, 19 November 2025

         re: Curve Acquisition

19 November 2025

LLOYDS BANKING GROUP TO ACQUIRE CURVE

Lloyds Banking Group is today announcing the acquisition of Curve, a London based fintech operating an innovative digital wallet platform. The acquisition of Curve is a strategic move to broaden and accelerate Lloyds Banking Group's digital transformation.

Curve operates a pioneering digital wallet platform that brings all cards and alternative payment sources into one secure platform while adding innovative money-saving and loyalty features. Authorised and regulated in the UK and EEA, Curve processes billions in payments annually through its technology platform alongside continuing to drive innovation in digital finance.

Alongside the services that Curve currently offers to customers, the integration of Curve Pay, Curve's cutting-edge technology and digital wallet, into Lloyds Banking Group's current digital offering, will allow Lloyds Banking Group to offer its customers an enhanced payments experience within mobile banking. The combination will provide our customers with expanded payment flexibility and access to advanced digital wallet features including switching past purchases across accounts, earning rewards on top of existing card benefits, accessing Pay Later solutions, and avoiding foreign exchange fees from any card linked to its app. This will provide Lloyds Banking Group's customers with even greater control and personalised ways to manage their money.

Our investment in this London-based fintech marks another significant milestone in the Group's strategy to deliver market-leading digital experiences and thereby empower our 28 million customers via the Group's digital offering.

The acquisition is expected to complete in the first half of 2026, subject to regulatory approval. From a financial perspective, including capital impact, the transaction is not expected to have a material impact on the Group, or to impact full year guidance for 2025 or 2026.

-END-

For further information:

Investor Relations

Douglas Radcliffe                                                                                              +44 (0)20 7356 1571

Group Investor Relations Director

douglas.radcliffe@lloydsbanking.com

Corporate Affairs

Matt Smith                                                                                                         +44 (0)77 8835 2487

Head of Media Relations

matt.smith@lloydsbanking.com

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Banking Group plc together with its subsidiaries (the Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Group's or its directors' and/or management's beliefs and expectations, are forward-looking statements. Words such as, without limitation, 'believes', 'achieves', 'anticipates', 'estimates', 'expects', 'targets', 'should', 'intends', 'aims', 'projects', 'plans', 'potential', 'will', 'would', 'could', 'considered', 'likely', 'may', 'seek', 'estimate', 'probability', 'goal', 'objective', 'deliver', 'endeavour', 'prospects', 'optimistic' and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Group's future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Group's future financial performance; the level and extent of future impairments and write-downs; the Group's ESG targets and/or commitments; statements of plans, objectives or goals of the Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the escalation of conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Group's credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Group's securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting insurance business and defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Group; risks associated with the Group's compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Group's ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; assumptions and estimates that form the basis of the Group's financial statements; and potential changes in dividend policy. A number of these influences and factors are beyond the Group's control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Banking Group plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC's website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Banking Group plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Banking Group plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today's date, and the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LLOYDS BANKING GROUP plc

 (Registrant)

By: Douglas Radcliffe

Name: Douglas Radcliffe

Title: Group Investor Relations Director

Date: 19 November 2025