- Yoti:
- London-based digital identity company Yoti has raised £20 million in funding.
- The funding includes £12.5 million in debt funding from HSBC and £7.5 million in convertible debt funding from existing shareholders.
- Yoti provides digital identity solutions for businesses and individuals, offering a free digital ID app for identity verification on phones without the need for additional documents or personal data.
- The funds will be used to support Yoti’s growth and drive towards profitability.
- Yoti claims to have completed over 6.5 million age and identity checks each month, with clients including Meta, OnlyFans, Sony Playstation, Aldi, and government entities like The Government of Jersey and Improvement Service in Scotland.
- The latest funding follows a £10 million investment from Lloyds Banking Group in March 2023, bringing Yoti’s total funding to over £166 million to date. The majority of funding comes from the company’s founders and angel investors.
- Yoti reports revenue growth of 6,074% in the last four years ending March 2023, growing from £101,168 to £6,246,230.
