Yoti raises GBP 12.5 million funding from HSBC

The previously raised funds allowed Yoti to develop proprietary technologies for identity verification, age validation, authentication, and esignatures, as well as facial age estimation, liveness, and facial recognition artificial intelligence (AI). According to company data, Yoti completes over 6.5 million age and identity checks every month, while entering partnerships globally across the financial, banking, government, gaming, gambling, dating, employment, social media, adult, retail, and vaping sectors to advance its growth. Some of Yoti’s clients include Meta, OnlyFans, Sony PlayStation, Yubo, Aldi, Sterling Check, HireRight, First Advantage, Checkr, Muzz, Aylo, Regal Gaming, Connells, and NSPCC, among others.

Representatives from Yoti expressed their enthusiasm over the funding round and underlined the company’s plans to leverage the newly acquired funds to sustain its growth and reach profitability. The company intends to continue its work in the trust, security, and safety sectors in the digital environment. Recently, Yoti entered multiple collaborations and launched several capabilities to advance its growth plan, including its partnership with Paays from November 2023. By joining forces, the two companies intended to reduce identity fraud in auto financing by integrating Yoti’s identity verification technology with Paays’ ID Verifier solution. Through this, Yoti and Paays aimed to improve the overall customer experience, reinforce identity checks, and minimise the risk of fraud in the context of auto finance applications.

Additionally, Yoti launched its Digital ID app with Lloyds Bank in October 2023, with the funds offered by the banking group supporting the development of the reusable digital identity app that reduces the increasing risk of identity fraud. The company also created Digital ID Connect, one of the UK’s largest digital identity networks offered by Yoti, Post Office, and Lloyds Bank.

As a digital identity technology company, Yoti aims to enhance how individuals prove who they are by verifying identities and trusted credentials online and in person. Currently, the company provides verification services across the world, having over 13 million downloads of its free Yoti Digital ID app. Yoti is certified to ISO/IES 27001:2013 for ID Verification Services, ISO 27701 for data privacy, and SAE 3000 (SOC 2) Type 2 certified for its technical and organisational security processes.