Yoti has announced a successful £20 million funding round, and disclosed some important business metrics along with it. The company says it has now raised £166 million to date.
The funding round was led by HSBC, which contributed £12.5 million in debt funding. The remaining funding, in the form of £7.5 million convertible debt funding, came from existing shareholders.
Investors are evidently excited about the company’s identity technology, which includes a digital identity platform based on facial recognition, and age assurance technology that includes a biometric age estimation solution. The latter was recently embraced by the makers of Avakin Life, a large-scale multiplayer game.
Investors may also have been impressed by Yoti’s business performance in recent years. Yoti has accumulated an impressive roster of clients, including Meta, OnlyFans, Sony Playstation, Aldi, The Government of Jersey, and Improvement Service in Scotland, among others. And the company says that over the four years leading up to March of 2023, its revenues have grown from £101,168 to £6,246,230. As of October of last year, its monthly revenues reached £1,167,735.
“We’re growing quickly and this £20 million funding should comfortably see us through to profitability,” commented Yoti CEO Robin Tombs.
John Browett, the company’s Chair, further underscored that this will likely turn out to have been the company’s last funding round. “It is good to see this last piece of funding in place to see Yoti through to profit,” he said.
While Yoti is, at this point, a global player in the digital identity and biometrics industries, it has a particularly strong presence in its home country of the United Kingdom, whose government has been setting up an innovation-focused regulatory framework for digital identity in recent years. Yoti and the Post Office were the first organizations to be designated Digital Identity Service Providers by government authorities in 2022.
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January 2, 2024 – by Alex Perala
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