London-based digital identity company, Yoti, has recently secured an impressive GBP 12.5 million funding
investment from HSBC, one of the world’s largest banking and financial services organizations.
Yoti, which specializes in personal identity verification through its innovative mobile app, plans to use the
funds to accelerate its ongoing efforts in transforming digital identity verification and authentication
processes globally.
Revolutionizing identity verification
With the increasing importance of secure and reliable identity verification mechanisms in various industries like
finance, healthcare, and e-commerce, Yoti has garnered significant attention and praise for its unique approach.
The company’s flagship mobile app enables users to verify their identities easily, securely, and privately by
scanning their ID documents and taking a selfie.
Yoti’s technology uses advanced facial recognition algorithms and encryption techniques to compare the user’s
selfie with their ID document, ensuring a comprehensive verification process. This solution aims to reduce
identity fraud and simplify online transactions while maintaining the utmost privacy and security. Furthermore,
Yoti’s app allows users to share their verified identities with third-party organizations such as banks,
retailers, and government agencies, streamlining processes that previously required time-consuming manual
procedures.
An investment from HSBC
The multi-million-pound investment from HSBC serves as a testament to the credibility and potential of Yoti’s
technology. HSBC, being one of the world’s leading financial institutions, recognizes the importance of digital
identity verification in combating fraud and enhancing online security.
Mike Emmett, Chief Executive Officer of Yoti, expressed his enthusiasm stating, “We are thrilled to have HSBC as
an investor. Their support will greatly assist us in our mission to become the world’s trusted identity platform.
This investment, combined with our cutting-edge technology, will enable us to revolutionize the way individuals
and businesses verify identities and interact online.”
This investment is expected to further boost Yoti’s international rollout plans, allowing the company to extend
its services to new markets and reach a broader user base while continuing to innovate and improve their
identity verification solutions.
Achieving a more secure digital future
Yoti’s successful funding round is a significant milestone not only for the company but also for the growing
importance of digital security worldwide. With cyber threats becoming more sophisticated, adopting advanced
identity verification measures has become a necessity to safeguard individuals and organizations.
The collaboration between Yoti and HSBC brings together extensive expertise in finance and technology, paving the
way for impactful solutions that address the vulnerabilities in current authentication processes. By combining
convenience, security, and privacy, Yoti’s cutting-edge technology has the potential to transform various
industries and establish a new benchmark in identity verification.
With the GBP 12.5 million funding injection from HSBC, Yoti is poised for accelerated growth and the opportunity
to shape the future of digital identity verification, ensuring a safer and more efficient online experience for
all.