Lloyds Banking Group PLC (LSE:LLOY) has invested £10mln in digital identity company Yoti, which offers digital identity solutions that are designed to make it easier for people and businesses to protect themselves online.
The lender said the investment supports the development of innovative technology to keep people safe online, tackling growing risks of identity fraud and giving people more control over their personal data.
Yoti's range includes a free Digital ID app, which gives individuals a safe and instant way to prove their identity from their phone, with no need to show ID documents or share an excessive amount of personal data.
Lloyds’ second investment of 2023, the investment in Yoti will support development of a new reusable digital identity proposition that is set to launch later this year to give users a "more private, secure and convenient way" to prove their identity.
Kirsty Rutter, fintech investment director at Lloyds, said: “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 at Yoti, said the FTSE 100-listed bank's “expertise in financial services and our digital identity solutions will bring security to even more businesses, people and communities”.
In January, Lloyds invested £4mln in Caura, a motoring app "designed to take the hassle out of car ownership" and last month announced the acquisition of Tusker, a vehicle management and leasing company specialising in electric vehicles via salary sacrifice schemes.