UK digital identity company Yoti has recently received £20 million additional funding to fuel its growth.
Yoti received £12.5 million debt funding from HSBC, and a further £7.5 million convertible debt funding from existing shareholders.
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 technologies covering identity verification, age assurance, authentication and esignatures, including in-house facial age estimation, liveness and facial recognition AI.
Yoti is completes more than 6.5 million age and identity checks every month across the financial, banking, government, gaming, gambling, dating, employment, social media, adult, retail and vaping sectors.
Revenue growth
Over the four years ending in March 2023, Yoti’s revenues have grown 6,074 percent from £101,168 to £6,246,230. Yoti monthly revenues have grown 150 percent over the last year from £466,143 in October 2022 to £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.
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. More than 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.
