Lloyds Banking Group invests £10 million in FinTech Yoti

By Gloria Methri

Lloyds Banking Group has invested £10m in digital identity company Yoti, its second FinTech investment of 2023. The investment supports the development of innovative technology to protect people online, tackle the risk of identity fraud and give people more control over their personal data.

Yoti offers a range of digital identity solutions to help people and businesses protect themselves online. This includes a free digital ID app, which gives individuals a secure and instant way to prove their identity from their phone, without the need for proof of ID or sharing excessive amounts of personal data.

Yoti’s digital ID is also accepted as proof of age in 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 e-commerce – use digital ID services.

The investment from Lloyds Banking Group will support Yoti’s development of a new reusable digital identity proposition that will complement existing solutions. This will be launched later this year, and will give users a more private, secure and convenient way to prove their identity.

Kirsty RutterFinTech Investment Director at Lloyds Banking Groupsaid, “We are thrilled to support Yoti and their experienced, passionate team in their work to further protect people online, through developing and growing digital identity solutions.

Robin TombsCEO of Yoti said: “I am delighted to announce Lloyds Banking Group’s significant investment in Yoti. The combination of their financial services expertise 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.”