Industry and investment backing for Yoti

Lloyds Banking Group has invested £10m in digital ID company, Yoti, which also recently landed the contract to supply its e-signatures service to all of Connells’ 600 branches and 14 different agency brands.

Connells had been using DocuSign, which has been the industry standard for years, but in April last year switched to Yoti for sales and now lettings too.

The group adopted Yoti’s tech after results from its sales division revealed three quarters of contracts being signed within two hours, along with considerable cost savings.

Connells Group’s IT chief, Nigel Trevor, said: “We are delighted to be able to successfully launch Yoti eSignatures into our business. The feature set Yoti has developed as part of their engagement with us will enhance significant aspects of our customer on-boarding processes, as well as helping to improve efficiencies.”

Consumers can use the app, launched in 2017, 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.

Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group, commented: “We know how important fintechs and technology partners are for delivering better outcomes for our customers, and this investment.