Lloyds Banking Group has invested £10 million in digital identity company Yoti.
The investment will support the development of technology to keep people safe online, tackle the ever-growing risks of identity fraud and give people more control over their personal data.
Yoti’s products 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.
Businesses across a range of industries – from financial services and retail to gaming and eCommerce – are already seeing the benefits of Digital ID services.
The investment from Lloyds Banking Group will support Yoti’s development of a new reusable digital identity proposition that will complement Yoti’s existing solutions. Set to launch later this year, this will give users a more private, secure and convenient way to prove their identity.
“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, said: “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.”