Yoti receives funds to expand global biometrics business

Monday 5 August 2019 00:32 CET | News

Yoti has raised GBP 8.7 million to grow its biometric consumer networks, invest in product development, and expand globally, according to EU Startups.

The funding comes from existing investors, employees, and co-founder and CEO Robin Tombs. The investment gives the company a post-money equity valuation of GBP 90 million (USD 109.3 million).

Yoti is participating in a massive curb-to-gate biometrics project at Heathrow Airport, providing facial recognition for age verification at supermarket self-checkout machines from NCR. Its digital identity technology is now used by 10% of adults in Jersey through a partnership with the channel island’s government, according to Biometric Update.

Yoti is also used in 2,000 convenience stores across the UK for age verification, after an industry group approved its technology earlier in 2019. Moreover, the company is also offering its ProveMyAge app for access to adult websites from the UK once the Digital Economy Act goes into force, and says it is the first approved under the BBFC Age Verification Certification Scheme, the online publication adds.

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Keywords: Yoti, funding, age verification, biometrics, digital identity, UK, facial recognition, fraud prevention
Countries: World