Digital identity company Yoti has received debt financing for 12.5 million pounds from HSBC and another 7.5 million pounds of convertible debt financing from existing shareholders.
The mentioned money will support the further growth of the specified firm until profitability is achieved.
Also this year, Yoti received investment funds from Lloyds Banking Group for 10 million pounds. The total amount of financing for the company is currently more than 166 million pounds. This indicator includes investments received by the firm since its foundation in 2014.
The funding allowed Yoti to develop patented technologies, based on which mechanisms for identity verification, age verification, authentication, and electronic signatures were created. The company’s solutions provide for the use of artificial intelligence tools to carry out the facial recognition procedure.
Yoti is headquartered in the United Kingdom. The company conducts more than 6.5 million age and identity checks every month. The firm is actively establishing partnerships in the financial sector and banking. The company also cooperates with government organizations, gambling providers, social networks, virtual dating and employment platforms, retailers, vaping manufacturers, and many others.
Yoti is currently one of the fastest-growing technology firms in the United Kingdom. In the four fiscal years ended March 2023, the company’s revenue increased by 6,074%, from 101,168 pounds to 6,246,230 pounds. The firm’s monthly revenues increased by 150% over the year. In October 2023, this figure was 1,167,735 pounds. The company’s revenue for the same period last year was recorded at 466,163 pounds.
Currently, Yoti’s customer base includes such firms, organizations, and structures as, for example, Meta, Sony Playstation, Yubo, Aldi, the Jersey Government, the Improvement Service in Scotland, Sterling Check, HireRight, First Advantage, Checkr, Muzz, Aylo, Regal Gaming, Connells.
This year, the company also launched a new digital identification app in conjunction with Lloyds Bank. Back in 2023, Yoti created Digital ID Connect, the United Kingdom’s largest online identity network. Lloyds Bank also participated in the implementation of this project.
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Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
