Britain’s banking giant Lloyds Banking Group has secured approval to take over Lithuania-based fintech company Curve Europe, Curve announced in a press release. 

Lithuania has become an increasingly important gateway for fintech companies seeking access to the European market. Earlier this year, the central bank also cleared the purchase of electronic money institution Blue EMI LT by UK-based payments group Checkout Payments Group. Lithuania boasts approximately 260 fintechs.

The Bank of Lithuania confirmed that it had authorised the deal, which will see Lloyds indirectly acquire the electronic money institution licensed in Lithuania, independent Lithuanian news agency BNS reported on May 6. Financial terms were not disclosed.

Central bank governor Gediminas Simkus described the agreement as evidence of Lithuania’s increasing attractiveness to foreign investors and fintech businesses.

“This is another strong example of global companies seeking to acquire fintech institutions licensed in Lithuania,” Simkus said. “It shows that Lithuania offers favourable conditions for fintech firms to establish and grow, and that their maturity and results are attracting investor attention and creating new expansion opportunities,” BNS reported.

Lloyds Banking Group, founded more than two centuries ago, is among the UK’s largest financial institutions, offering banking, insurance and investment services across several markets. The group employs over 60,000 people worldwide.

“This strategic acquisition of Curve marks another significant step forward in Lloyds Banking Group’s digital transformation journey," said Jas Singh, CEO of consumer relationships at Lloyds Banking Group. "Building on the innovative changes we’ve made to our app recently, integrating Curve’s cutting-edge technology and digital wallet capabilities will deliver a next-generation digital banking experience for our customers as we help them to take control of their finances in a simple and convenient way.” 

Curve Europe received its electronic money institution licence from the Lithuanian central bank in 2020 and is controlled by British parent company Curve OS Limited.

“Curve’s mission since its inception has been to simplify and supercharge people’s finances; we wanted to give everyone the tools to take control of their money, on their terms," said Shachar Bialick, Founder and CEO of Curve. "Joining forces with Lloyds Banking Group means we can now scale that vision faster, helping tens of millions more customers unlock smarter payments, and empower greater financial accessibility. Together with Lloyds we are raising the bar for the future of payments.” 

The fintech firm faced regulatory scrutiny last year when Lithuania’s central bank imposed a 22,500-euro fine for delays in submitting financial statements. Authorities said the company admitted the breaches and corrected the issues, though the sanction remained in place because of the scale of the delays and other factors linked to the case, BNS and LRT.lt reported.