Digital identity company Yoti has received £12.5 million debt funding from HSBC, and a further £7.5 million convertible debt funding from existing shareholders.
The £20 million funding will support the continued growth of the company through to achieving profitability and beyond.
This funding round follows the £10 million Lloyds Banking Group invested in Yoti earlier this year. Yoti’s total funding to date now exceeds £166 million; the majority provided by its founders and angel investors 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.
Yoti, founded and headquartered in the UK, offers a range of digital identity solutions that make it safer for people to prove who they are. Yoti is completing over 6.5 million age and identity checks every month, and continues to announce partnerships around the world across the financial, banking, government, gaming, gambling, dating, employment, social media, adult, retail and vaping sectors.
Yoti is one of the UK’s fastest growing tech companies. Over the 4 years ending in March 2023, Yoti’s revenues have grown 6,074% from £101,168 to £6,246,230, which would have ranked Yoti in 6th place in the Deloitte 2023 UK Fast 50. Yoti monthly revenues have grown 150% over the last year from £466,143 in October 2022 to £1,167,735 in October 2023.
Yoti’s 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.
This year, Yoti also launched a new Digital ID app with Lloyds Bank and created Digital ID Connect – the UK’s 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. In 2023 alone, close to one million individuals in the UK downloaded one of the three Digital ID apps, without any consumer marketing spend.
Robin Tombs, CEO at Yoti said, “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.”