In February 2023, Lloyds Banking Group invested £10 million in Yoti in the form of a convertible loan. Since that initial commitment Yoti’s monthly revenues have more than doubled.
We’ve also seen a significant increase in the number of people installing the Lloyds Bank Smart ID, Post Office EasyID and Yoti ID Digital ID wallets.
Over 100,000 people each month are using our services to prove their identity for right to work or criminal record (‘DBS’) checks, with around 25% of those people choosing to use their reusable Digital ID. The total number of Digital ID installs in the UK has now reached over 5 million, with over 14 million globally.
“We are delighted that Lloyds Banking Group have decided to convert their loan into equity in Yoti. We are confident that securing the UK’s largest banking group by customer numbers as a shareholder will help accelerate the adoption of reusable digital ID in the UK market.” Robin Tombs, CEO at Yoti.