Digital identity company Yoti has secured a fresh 拢20m funding round.
The package 鈥� which consists of 拢12.5m in debt funding from HSBC and a further 拢7.5m in convertible debt funding from existing shareholders – will support the continued growth of the company through to achieving profitability and beyond.
This funding round followed the 拢10m Lloyds Banking Group invested in Yoti earlier this year and brings Yoti鈥檚 total funding to date to 拢166m since it was founded in 2014.
This funding has enabled Yoti to develop proprietary technologies covering identity verification, age assurance, authentication and esignatures, including world class in-house facial age estimation, liveness and facial recognition AI.
London-headquartered Yoti offers a range of digital identity solutions that make it safer for people to prove who they are and is one of the UK鈥檚 fastest growing tech companies.
Over the four years ending in March 2023, Yoti鈥檚 revenues have grown 6,074 per cent from 拢101,168 to 拢6,246,230.
Yoti monthly revenues have grown 150 per cent over the last year from 拢466,143 in October 2022 to 拢1,167,735 in October 2023.
Clients include Meta, OnlyFans, Sony Playstation, Yubo, Aldi, The Government of Jersey, Improvement Service in Scotland, Sterling Check, HireRight, First Advantage, Checkr, Muzz, Aylo, Regal Gaming, Connells and NSPCC.
Yoti is completing over 6.5 million age and identity checks every month, and continues to announce partnerships around the world across the聽financial, banking, government,聽gaming, gambling, dating, employment, social media, adult, retail and vaping sectors.
This year, Yoti also launched a new Digital ID app with Lloyds Bank and created Digital ID Connect 鈥� the UK鈥檚 largest digital identity network provided by Yoti, Post Office and Lloyds Bank.
Over four million people in the UK have downloaded one of the Digital ID apps (Yoti ID, Post Office EasyID and Lloyds Bank Smart ID), and Yoti has over 13 million app installs globally.
Robin Tombs, CEO at Yoti said: 鈥淚鈥檓 delighted to announce this funding round, including 拢12.5 million from HSBC, which follows another exciting and fast paced year for Yoti. We鈥檙e growing quickly and this 拢20m funding should comfortably see us through to profitability.鈥�
John Browett, chair at Yoti, added: 鈥淚t is good to see this last piece of funding in place to see Yoti through to profit.
鈥淵oti has world leading technology that makes great improvements to trust, security and safety in the digital world. It has been fabulous to work with Yoti as we have gone from start up to significant and increasing revenues.鈥�