Lloyds invests £10m in digital ID firm used by Connells

Yoti recently landed the contract to supply its digital-identity backed e-signatures service to all of Connells’ 600 branches.

yoti

Lloyds Banking Group has invested £10m in digital ID company Yoti, used widely throughout the property industry.

Yoti recently landed the contract to supply its digital-identity backed e-signatures service to all of Connells’ 600 branches and 14 different agency brands, wrestling the contract away from its rival, US firm DocuSign.

Consumers can use Yoti’s Digital ID app free of charge, giving them a safe and instant way to prove their identity from their phone.

Businesses are charged a small fee to check their identity, with rates varying depending on how many documents a company handles.

Lloyds says its investment will support Yoti’s development of a new, reusable digital identity service that will complement Yoti’s existing solutions. Set to launch later this year, it will give users a more private, secure and convenient way to prove their identity.

‘Strengthening’

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, CEO at Yoti said, “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.”

Read more about digital ID developments.


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