Lloyds Banking Group invests £10m in FinTech Yoti

By Gloria Methri

Lloyds Banking Group has invested £10 million in digital identity company Yoti, its second FinTech investment of 2023. The investment supports the development of innovative technology to safeguard people online, tackle the risks 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 safe and instant way to prove their identity from their phone, with no need for ID proof or sharing an excessive amount of personal data.

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 e-commerce – are utilising Digital ID services.

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

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.

Robin Tombs, CEO at Yoti said, “I am 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.”