Yoti, a prominent digital identity company based in the UK, has successfully raised £20m, further cementing its position in the FinTech sector.
The latest funding round witnessed Yoti receiving a substantial £12.5m debt funding from HSBC. In addition, it garnered £7.5m convertible debt funding from existing shareholders. This investment marks a significant milestone for Yoti, boosting its total funding to over £166m, primarily sourced from founders and angel investors since its inception in 2014.
Yoti specialises in a range of digital identity solutions, including identity verification, age assurance, authentication, and e-signatures. Its proprietary technologies feature advanced facial age estimation, liveness, and facial recognition AI. These solutions are vital in making digital interactions safer and more trustworthy.
The company intends to use this new funding to continue its growth trajectory towards profitability and beyond. This strategic investment will support Yoti’s ongoing development and expansion, enhancing its technological capabilities and market reach.
Yoti’s growth story is nothing short of remarkable. Since its founding, the company has not only developed cutting-edge technologies but has also formed strategic partnerships across various sectors. These include financial, banking, government, gaming, and retail, to name a few. Its client roster boasts names like Meta, Sony Playstation, Aldi, and the Government of Jersey, showcasing its widespread influence and reputation.
Yoti’s financial journey has been impressive, with revenues soaring from £101,168 in 2019 to £6.2m by March 2023. This rapid growth is a testament to its innovative approach and market demand for reliable digital identity solutions. Additionally, Yoti has launched initiatives like the Digital ID app with Lloyds Bank and created Digital ID Connect, the UK’s largest digital identity network.
Regarding the funding, Yoti CEO Robin Tombs expressed his delight: “I’m delighted to announce this funding round, including £12.5 million from HSBC, which follows another exciting and fast paced year for Yoti. We’re growing quickly and this £20 million funding should comfortably see us through to profitability.”
John Browett, Chair at Yoti, added: “It is good to see this last piece of funding in place to see Yoti through to profit. Yoti 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.”
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