Lloyds Banking Group has invested £10m in digital identity company Yoti. The investment will support Yoti’s development of a new, reusable digital identity proposition that is set to launch later this year, and which will complement Yoti’s existing digital identity solutions to help people and businesses to protect themselves online. These include a free Digital ID app, which gives individuals a safe and instant way to prove their identity from their phone, with no need to show ID documents or share an excessive amount of personal data. Digital IDs are a UK government-approved form of identification for right to work, right to rent and criminal records checks. Yoti’s Digital ID is also accepted as proof of age at UK cinemas, and for the sale of lottery tickets, energy drinks and tobacco.
“We are thrilled to be supporting Yoti and their experienced, passionate team with their work to further protect people online, through developing and growing digital identity solutions,” said Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group. “We know how important fintechs and technology partners are for delivering better outcomes for our customers, and this investment represents another step forward in our plans to strengthen the UK’s financial ecosystem, and is a crucial part of how we help Britain prosper.”
Robin Tombs, CEO at Yoti, added: “I’m delighted to announce Lloyds Banking Group’s significant investment in Yoti. The combination of their expertise in financial services and our digital identity solutions will bring security to even more businesses, people and communities. We will make it easier and safer for individuals to prove who they are and enable businesses to have more trust and confidence in the identity of their customers.”
The investment in Yoti is Lloyds Banking Group’s second investment of 2023, following a successful round of investments in 2022. These investments are headed up by the Group’s recently formed Fintech Investment team, which focuses on identifying and exploring opportunities for investment in fintech at Seed to Series B.