The money was raised by existing angel investors and two of the London-headquartered technology company’s three founders, Robin Tombs and Noel Hayden.
Yoti’s free app, which was launched in November 2017, lets users take a selfie and scan a passport or driving licence with their smartphone, which is transformed into a digital identity. This can then be used to prove their age on nights out and at supermarket self-checkouts, prove identities to businesses and log in to websites more securely using biometrics instead of passwords.
CEO Robin Tombs said:
“We’re giving everyone a simpler and safer way to prove their identity and protect themselves from everyday issues which cost time, money and emotional distress. After three years of hard work by the team, we’re very excited that over 4,000 people a day are installing Yoti, and we hope millions of people will benefit from our approach to digital identity.
“This funding round will enable us to accelerate our UK growth and respond to significant interest that Yoti is attracting to businesses worldwide. There are already three billion smartphone users globally and we, at Yoti, believe many of them over the next five years will choose to use a digital identity like Yoti.”
Yoti currently employs 200 staff in London and has over 300,000 users. It plans to use the funding to grow its consumer network, with an aim of reaching two million users during 2018.