Yoti has received £12.5m debt funding from HSBC and a further £7.5m convertible debt funding from existing shareholders. The £20m funding will support the continued growth of the company through to achieving profitability and beyond.
This funding round follows the £10m Lloyds Banking Group invested in Yoti in 2023. Yoti’s total funding to date now exceeds £166m. Most of the funding has been 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.
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Further to its investment from Lloyds, Yote also released a Digital ID app with the banking branch in 2023. Yoti offers a range of digital identity solutions that make it safer for people to prove who they are. It 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 saw huge increase in revenue in 2023
Over the 4 years ending in March 2023, Yoti’s revenues have grown 6,074% from £101,168 to £6,246,230. Monthly revenues have grown 150% over the last year from £466,143 in October 2022 to £1,167,735 in October 2023. Their 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.
Robin Tombs, CEO at Yoti said: “I’m delighted to announce this funding round, including £12.5m 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. It has been fabulous to work with Yoti as we have gone from start up to significant and increasing revenues.”
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