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Lloyds Banking Group has invested £10m into digital ID company Yoti to develop its app-based identity verification software, which is launching later this year.

Yoti develops digital-based checks for age, identity, signatures, multi-factor authentication and its own digital ID service.

Its digital verification technology is used by Instagram for age verification, the Post Office for identity proof and UK cinemas for age-restricted films.

Kirsty Rutter, fintech investment director at Lloyds Banking Group, said: “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.”

Lloyds’ investment into Yoti is the second the high street lender has made so far this year. In January, Lloyds invested £4m into the motoring admin app Caura.

Robin Tombs, Noel Hayden and Duncan Francis founded London-based Yoti in 2014.

Tombs, who is CEO of  Yoti, said: “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.”

Last February, Yoti declared that it was looking for its first external funding of between £8m and £10m, with Lloyds’s investment becoming the first.

Read more: Q&A with Yoti CEO Robin Tombs