Digital identity app Yoti secures £8m
A London-based tech start-up which allows people to prove their identity or age through an app has raised £8m in an equity funding round.
Digital identity platform Yoti has raised the investment from existing angel investors and two of its three founders, Robin Tombs and Noel Hayden.
It takes the company's valuation to £65m.
Yoti is a free app which lets consumers prove their identity to businesses, and prove their age on nights out and at supermarket self-checkouts. It can also be used to verify the details of people online.
The firm, which employs 200 people at its London office, will use the funding to grow its consumer network, with the company hoping to reach the two million user landmark during 2018.
"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," said chief executive Robin Tombs.
"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 the significant international interest that Yoti is attracting from 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's app is available for iOS and Android phones. Users can create their digital identity by taking a selfie and scanning a photo ID with their smartphone.