UK-based digital identity company Yoti has received £12.5 million in debt funding from HSBC and a further £7.5 million of convertible debt funding from existing shareholders, as part of a wider funding round.
The latest funding builds on the £10 million investment Yoti received from Lloyds Banking Group in March 2023, which enabled it to launch a digital identity app with the bank, ‘Lloyds Bank Smart ID’, in October.
Yoti has secured total funding-to-date of more than £166 million, enabling it to develop proprietary technologies around identity verification, age assurance, authentication and e-signatures.
“I’m delighted to announce this funding round, including £12.5 million from HSBC, which follows another exciting and fast-paced year for Yoti,” said Robin Tombs, chief executive officer of Yoti.
“We’re growing quickly and this £20 million funding should comfortably see us through to profitability.”
Each month, Yoti completes 6.5 million age and identity checks for its clients, including Meta, OnlyFans, Sony PlayStation, Aldi and Regal Gaming.
John Browett, chair of Yoti, added: “It is good to see this last piece of funding in place to see Yoti through to profit.
“Yoti has world-leading technology that makes great improvements to trust, security and safety in the digital world. It has been fabulous to work with Yoti as we have gone from startup, to significant and increasing revenues.”
In 2023, Yoti also unveiled ‘Digital ID Connect’, which is the UK’s largest digital identity network provided by Yoti, Post Office and Lloyds Bank.