Lloyds Banking Group has invested 10 million pounds for the development of the digital identification company Yoti.
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These financial investments are the second investment of the banking group in fintech since the beginning of 2023.
Yoti offers a free Digital ID app. With this application, users can verify their identity from their smartphones. It is not necessary to provide copies of documents or an excessive amount of personal data.
The Yoti digital ID card can also be used as proof of age in UK cinemas, when selling lottery tickets, energy drinks, and tobacco.
Investments from Lloyds Banking Group will be directed to the development of Yoti, a new reusable digital identification offering, the launch of which is scheduled for the end of 2023. This product will provide users with a more private and convenient way to verify their identity.
Kirsty Rutter, Director of Fintech Investments at Lloyds Banking Group, spoke about the importance of the activities of fintech companies and partnerships with them in the context of improving the quality of customer service and strengthening the UK financial ecosystem. She also noted that the efforts of the banking group to invest in companies developing innovative financial products contribute to the improvement of the British economy.
Investments in Yoti were led by the newly formed Lloyds fintech investment team. This team specializes in identifying financing opportunities for representatives of the fintech industry and studying the prospects of relevant activities in each case.
Robin Tombs, CEO of Yoti, said that the combination of the banking group’s expertise in financial services and the company’s digital identity solutions will provide security to even more businesses, people, and communities.
In early March, Yoti announced that its patented My Face passive life technology now complies with the beta version of ISO PAS Level 2. The technology has provided a 100% level of detection of fraudulent attacks. My Face checks whether the consumer is a real person or some kind of illusion used by attackers.
As we have reported earlier, Citi Invests in Financial Crime Risk Management Vendor.
