Lloyds Banking Group is considering acquiring more FinTechs to boost its digital capabilities, the company’s chief executive said Wednesday (July 27).
As Bloomberg TV reported, CEO Charlie Nunn said the company — which recently purchased wealth platform Embark Group and protection firm Cavendish Online — will “definitely continue to look” at future acquisitions.
Nunn said that any deal would need to add to the company’s core business, which he said is building digital offerings “in a way no FinTech can.” His interview came after Lloyds reported better-than-expected earnings, Bloomberg noted.
See also: Lloyds Plans To Buy Embark Group for $542M
The British bank said it has north of 19 million online users and said it is its country’s largest digital bank. Lloyds has worked with Swedish FinTech Minna Technologies to help customers manage their subscription spending as Britain faces the highest inflation in decades.
Between June of last year and March, users halted 1.2 million regular payments, most of them for streaming services. Around 2.2 million subscriptions have now been canceled through this partnership, Bloomberg said.
“There is a sub-segment in the U.K. that is going through a really challenging time,” Nunn said. “Twenty percent are having to really adapt their spending to make the space for the increase in costs and energy, foods and fuel, but circa 1% can’t make ends meet, and that’s where we’re focused.”
Read more: Lloyds to Divide Its Three Units Into Five
Earlier this year, Lloyds announced it would divide its three units into five as part of a restructuring plan.
That plan also involved investing $5.2 billion over the next five years in hopes of digitizing the company and increasing its fee income in sectors like wealth management.
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