Lloyds Banking Group has invested £10 million in digital identity company Yoti to develop its new digital identity solution that will be launched later this year.
Yoti offers a range of digital identity solutions that make it simple for people and businesses to protect themselves online.
This includes 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.
Kirsty Rutter, Fintech Investment Director at Lloyds Banking Group said,
“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.
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.”