Lloyds Banking Group has invested £10 million in digital identity company Yoti, marking its second fintech investment of 2023.
Yoti offers a free Digital ID app, which gives individuals a safe way to prove their identity from their phone, with no need to show documents or share 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.
The investment from Lloyds Banking Group will support Yoti’s development of a new reusable digital identity proposition set to launch later this year that will give users a more private and convenient way to prove their identity.
Kirsty Rutter, fintech investment director at Lloyds Banking Group, says: “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.”
The investment in Yoti was headed up by Lloyds' recently formed Fintech Investment team, which focuses on identifying and exploring opportunities for investment into fintech at Seed to Series B.