Digital identity app Yoti raises £8m
Yoti, a London-based digital identity platform, has raised £8m of equity investment from existing angel investors and two of the company’s three founders, Robin Tombs and Noel Hayden.
This latest funding raise means Yoti is now valued at £65m. The finance will be used to grow its consumer network, with the company aiming to reach the two million user landmark during 2018.
Yoti is a free app for consumers that lets people prove their identity to businesses, and prove their age on nights out and at supermarket self-checkouts.
The app can also be used to verify the details of people online - a simple and safe way to help protect people from scams as fraudsters don’t like revealing their true identity.
Following a successful launch in November, Yoti now employs 200 people at its London office and is gathering interest from consumers and businesses from across the globe.
Robin Tombs, founder and CEO of Yoti, said: “We’re giving everyone a simpler and safer way to prove their identity and protect themselves from everyday issues which cost time, money and emotional distress.
“After three years of hard work by the team, we’re very excited that over 4,000 people a day are installing Yoti, and we hope millions of people will benefit from our approach to digital identity.
“This funding round will enable us to accelerate our UK growth and respond to the significant international interest that Yoti is attracting from businesses worldwide.
“There are already three billion smartphone users globally and we, at Yoti, believe many of them over the next five years will choose to use a digital identity like Yoti.”
The app is available for iOS and Android phones and takes less than five minutes to set up. Users take a selfie and scan a photo ID with their smartphone to create their digital identity.
Yoti uses both facial recognition technology and a security team based in the UK to match individuals to their photo IDs and to verify the integrity of the information provided.
Published: 16 January 2018