Lloyds invests GBP 10 mln in Yoti's digital ID solution

Monday 13 March 2023 08:57 CET | News

Lloyds Banking Group has invested GBP 10 million into digital ID company Yoti to develop its app-based identity verification software, which is launching later in 2023.

Yoti develops digital-based checks for age, identity, signatures, multi-factor authentication and its own digital ID service. Its digital verification technology is used by Instagram for age verification, the UK Post Office for identity proof and UK cinemas for age-restricted films.

Lloyds’ investment into Yoti is the second the high street lender has made so far in 2023. In January, Lloyds invested GBP 4 million into the motoring admin app Caura.

Yoti hopes that the combination of Lloyds’ expertise in financial services and their digital identity solutions will bring security to more businesses, people and communities. They want to make it easier and safer for individuals to prove who they are and allow businesses to have more trust and confidence in the identity of their customers.

Last February, Yoti declared that it was looking for its first external funding of between GBP 8 million and GBP 10 million, with Lloyds’s investment becoming the first.

Lloyds Banking Group has invested GBP 10 million into digital ID company Yoti to develop its app-based identity verification software, which is launching later in 2023.


Lloyds: contracting and expanding

It appears that 2023 is a turning point for the British-based banking group. Lloyds has announced it will close two of its branches in Sussex (Beach Road in Littlehampton and The Street in Rustington) which will close in May and June of 2023. The news suggest a move away from the traditional brick-and-mortar banking model.

This would be supported by the bank’s findings: 77% of individuals in Rustington and 83% of those in Littlehampton conduct their banking through other channels, such as mobile or online banking. Thus, over the past few years, fewer people have visited these two branches. It is possible that this will be the banking paradigm that will be developed further.

Naturally, the bank needs to invest its funds into other avenues. As a result, we can see how Lloyds has decided to fund artificial intelligence provider company Ocula Technologies. The aim of the investment is to offer Ocula the possibility to develop its services and products while prioritising its customers and their needs, preferences, and demands, as the press release says.

One of the services that are set to be improved through this deal is Ocula’s software platform. The tool was designed to allow companies the opportunity to make better decisions when it comes to their banking services, as well as develop in the market with the support of AI-driven products. The platform also represents a solution that can optimise the ecommerce experience of retailers, sports teams, and businesses in the UK and North America.

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Keywords: identity verification, digital identity, funding, digital onboarding
Categories: Fraud & Financial Crime
Companies: Lloyds Bank, Yoti
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

Lloyds Bank



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