Digital identity company Yoti has secured a fresh £20m funding round.

The package – which consists of £12.5m in debt funding from HSBC and a further £7.5m in convertible debt funding from existing shareholders – will support the continued growth of the company through to achieving profitability and beyond.

This funding round followed the £10m Lloyds Banking Group invested in Yoti earlier this year and brings Yoti’s total funding to date to £166m since it was founded in 2014.

This funding has enabled Yoti to develop proprietary technologies covering identity verification, age assurance, authentication and esignatures, including world class in-house facial age estimation, liveness and facial recognition AI.

London-headquartered Yoti offers a range of digital identity solutions that make it safer for people to prove who they are and is one of the UK’s fastest growing tech companies.

Over the four years ending in March 2023, Yoti’s revenues have grown 6,074 per cent from £101,168 to £6,246,230.

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Yoti monthly revenues have grown 150 per cent over the last year from £466,143 in October 2022 to £1,167,735 in October 2023.

Clients include Meta, OnlyFans, Sony Playstation, Yubo, Aldi, The Government of Jersey, Improvement Service in Scotland, Sterling Check, HireRight, First Advantage, Checkr, Muzz, Aylo, Regal Gaming, Connells and NSPCC.

Yoti is completing over 6.5 million age and identity checks every month, and continues to announce partnerships around the world across the financial, banking, government, gaming, gambling, dating, employment, social media, adult, retail and vaping sectors.

This year, Yoti also launched a new Digital ID app with Lloyds Bank and created Digital ID Connect – the UK’s largest digital identity network provided by Yoti, Post Office and Lloyds Bank.

Over four million people in the UK have downloaded one of the Digital ID apps (Yoti ID, Post Office EasyID and Lloyds Bank Smart ID), and Yoti has over 13 million app installs globally.

Robin Tombs, CEO at Yoti said: “I’m delighted to announce this funding round, including £12.5 million from HSBC, which follows another exciting and fast paced year for Yoti. We’re growing quickly and this £20m funding should comfortably see us through to profitability.”

John Browett, chair at 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 start up to significant and increasing revenues.”

Lloyds invests £10m in digital identity firm Yoti