Lloyds Banking Group has invested £10 million in digital identity company Yoti.
Yoti offers digital identity solutions that aim to make it simple for people and businesses to protect themselves online.
This includes a free Digital ID app, which gives individuals a way to prove their identity from their phone, with no need to show ID documents or share an excessive amount of personal data.
The investment from Lloyds Banking Group will support Yoti’s development of a new reusable digital identity proposition that will complement its existing solutions and is set to launch later this year.
Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group, says: “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 says: “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 of 2023, following a round of investments in 2022.
It has also backed Ocula Technologies which aims to let retailers harness the power of AI to enable data driven decisions and quickly optimise its platform.
The startup says that it wants to give retailers without in-house data science teams, the ability to access the benefits of AI and not get left behind by the likes of Amazon and Alibaba.
Lloyds Banking Group’s investment is in the form of new equity capital and completes a funding round previously announced in November 2022.
Less than two years since its formation it values Ocula on a post new money basis at £10 million.
The company has worked with retailers such as Hornby Hobbies and AO World.
“This funding will enable us to fuel our ambitious future development and client plans for our two insight modules, Ocula Boost and Price Optimisation. We look forward to further building on our recent success with cornerstone clients such as the Kansas City Chiefs and AO,” says Thomas McKenna, Ocula CEO and Co-founder.
“We are delighted to invest in Ocula to support its ongoing development of a decision intelligence platform,” says Kirsty Rutter, Fintech Investment Director, Lloyds Banking Group.
“Ocula’s proposition integrates well with our existing technology capabilities, and helps the Group continue to meet customer demands for a more personalised service from their banks.”
RTIH INNOVATION AWARDS
Ocula Technologies was highly commended in the Startup of the Year (UK) category at the 2022 RTIH Innovation Awards.
Our 2022 winners were revealed at a sold out event in central London on Tuesday, 6th December.
RTIH Editor, Scott Thompson, said: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”
“Thanks to all those who entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”
“Congratulations to our 2022 retail technology hall of fame entrants.”