Digital Identity startup, Yoti, has announced that it’ll be launching its operations in India. This UK-based startup, reportedly, will partner with the Unique Identity Authority of India (UIDAI), MEA’s passport department and a few other banks to enable fast identity verification.
Commenting on the recent move by the company, Robin Tombs, CEO of Yoti, said, “Whether its dating, trading, car rentals or banks, through this platform the end user can finish the identity verification process at a very quick pace, within a few minutes, sharing specific identity details required for the verification.”
He further stated that the challenges in the ‘Indian market’ lie in the awareness and acceptance of the third party identity services, also important for the company to work with the India stack industry.
Founded by Robin Tombs, Duncan Francis and Noel Hayden in 2017, the company offers digital identity services enabling faster identification. The company claims that they do not see or access any details once the user has been verified, it does not sell users information to anyone as only user has the private encryption code needed to share details.
The company heavily depends on bio-metrics and facial recognition, they also have a password manager for users.
People need to download the app to avail its services, where they will have to create a digital identity by taking a snap of themselves. To ensure it’s not an automation software, the company makes sure, the user watches a video. The final step is uploading documents such as PAN, Aadhaar, Passport, License etc.
The company claims to have over 300,000 downloads from over 126 countries.
The company is planning to invest over $1.4 million to develop India-specific services. The company stated that it is planning to hire 25-30 people and set-up an office in Mumbai.
The company had previously raised $11.1 million from a few HNIs and founders, Robin Tombs and Noel Hayden.
According to a recently published report by marketsandmarkets, the personal identity management market size is expected to hit the $3.7 billion mark by 2021 at a CAGR of 32.7 percent.