Lloyds Banking Group has made a £10 million investment in digital identity company Yoti, marking its second fintech investment of 2023.
Yoti provides a free Digital ID app that allows individuals to securely verify their identity using their phone, eliminating the need to present documents or disclose excessive personal information. Yoti’s Digital ID is recognized for age verification at UK cinemas and for the purchase of lottery tickets, energy drinks, and tobacco.
The investment from Lloyds Banking Group will assist Yoti in developing a new reusable digital identity solution, expected to launch later this year, which aims to provide users with a more private and convenient identity verification method.
Kirsty Rutter, fintech investment director at Lloyds Banking Group, commented, “We understand the vital role fintechs and technology partners play in delivering better outcomes for our customers. This investment represents another step forward in our plans to enhance the UK’s financial ecosystem and support Britain’s prosperity.”
The investment in Yoti is led by Lloyds’ newly established Fintech Investment team, which focuses on identifying and exploring investment opportunities in fintech from Seed to Series B stages.