Digital identity solutions provider, Yoti, has received a £10m investment from Lloyds Banking Group.
The investment supports the development of innovative technology to keep people safe online, tackle the risks of identity fraud and give people more control over their personal data.
Yoti solutions make it simple for people and businesses to protect themselves online; the company offers a free Digital ID app which gives individuals a safe and instant way to prove their identity from their phone.
This removes the need to show ID documents or share an excessive amount of personal data.
Kirsty Rutter, FinTech Investment Director, 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.
“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.”
Robin Tombs, CEO, Yoti added: “I’m 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.”