London-based digital identity platform Yoti has secured £10 million in new funds via Lloyds Banking Group. The new capital will be used to support the continued development of the company’s digital id technologies. Since early 2018 the company has raised £26 million.
With more and more age verification measures being legislated and implemented across the board, usage of services such as Yoti’s are bound to see a proportionate increase. The company offers a Digital ID service that gives individuals a quick and relatively pain-free way to prove that they are who they say they are, all from their phone, no “traditional” forms of ID needed.
Yoti’s offer is already in use, accepted as proof of age at UK cinemas, and for the sale of lottery tickets, energy drinks, and tobacco, with industries ranging from financial services and retail to gaming and e-commerce accepting the proof.
In conjunction with the capital, Lloyds and Yoti are setting off on a partnership that will see the former supporting the development of a new reusable digital identity product slated to launch later this year.
“The combination of their expertise in financial services and our digital identity solutions will bring security to even more businesses, people, and communities,” said Yoti CEO Robin Tombs. “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.”