Lloyds has announced a £10 million investment in digital identity FinTech Yoti.
Yoti provides a range of digital identity verification tools to tackle identity fraud and enables users to confirm their identity using its Digital ID app.
Digital IDs are UK government-approved and can be used for the likes of right to work, right to rent and criminal records checks. Digital IDs via Yoti’s ID app are also accepted as proof of age in the UK for the purchase of age-restricted items including lottery tickets, energy drinks, and cinema tickets.
Lloyds said its investment would support the development of Yoti’s new reusable digital identity offering.
Targeting a launch later this year, Yoti said the tool will give its users a more “private, secure and convenient” way to prove their identity.
Commenting on its investment, 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.”
Rutter added that the investment represents another step forward in the bank’s plans to strengthen the UK's financial ecosystem.
Lloyds’ latest Fintech investment follows a £4 million investment into car payment FinTech Caura, which brings driving related payments together on one platform, including car insurance, MOT, vehicle tax, tolls, and city charges.
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