Lloyds Banking Group has invested £10m in digital identity company, Yoti, who offer a range of digital identity services to help people and businesses to protect themselves online, including a free digital ID app.

Digital IDs are a form of identification approved by the UK government for right to work, right to rent, and criminal records checks. Yoti's Digital ID is also accepted as identification in UK cinemas, as well as for the purchase of lottery tickets, energy drinks, and tobacco.

Businesses in a variety of industries, ranging from finance and retail to gaming and e-commerce, are already reaping the benefits of Digital ID services.

The investment from Lloyds Banking Group, the United Kingdom's largest retail and commercial financial services provider, will help Yoti develop a new reusable digital identity proposition to complement its existing products.

This will be available later this year and will provide users with a more private, secure, and convenient way to prove their identity.

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.

"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, chief executive at 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."

The investment in Yoti is Lloyds Banking Group's second investment of 2023, following a successful round of investments in 2022.

Details of the advisers who worked on the deal were not disclosed.

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