UK digital identity firm Yoti secures £20m in debt funding
London-based digital identity company Yoti has secured £12.5 million in debt funding from HSBC and a further £7.5 million in convertible debt funding from existing shareholders.
Yoti raises £20m in debt funding from HSBC and existing shareholders
The company says the combined £20 million will be deployed to support its growth and power its push towards profitability.
The latest injection follows a £10 million investment by Lloyds Banking Group in March 2023, bringing its total funding to date to over £166 million – with the majority of this coming from the company’s founders and angel investors.
Founded in 2014, Yoti provides digital identity solutions for businesses and individuals, including a free digital ID app that allows people to verify their identities on their phones without needing additional documents or personal data.
Yoti says the funding it has received so far has enabled it to develop ID verification technologies such as age assurance, authentication, e-signatures, face age estimation and facial recognition AI, and it claims to be completing over 6.5 million age and identity checks each month.
Robin Tombs, CEO at Yoti, says the debt funding “should comfortably see us through to profitability”.
Yoti claims it has seen 6,074% revenue growth in the last four years ending March 2023, growing from £101,168 to £6,246,230. Some of its clients include Meta, OnlyFans, Sony Playstation, Yubo, Aldi, The Government of Jersey, Improvement Service in Scotland, HireRight and First Advantage, among others.
