Jnctn secures funding from Yoti CEO to expand digital identity product development
New Zealand’s Jnctn, one of Microsoft’s FastTrack for Azure partners, has secured funding from Robin Tombs, CEO and co-founder of UK-based biometrics digital identity company Yoti, to scale and boost business development worldwide, the company announced.
In July, the two signed a partnership to develop an integrated verified digital identity and credential management solution. It consists of a digital credential wallet for businesses and individuals that uses biometrics to verify ID.
Before co-founding Yoti with Noel Hayden and Duncan Francis, Tombs co-founded Gamesys, which earned annual revenues in excess of £200 million (US$264 million), counted 950 employees and had offices in eight countries.
“Having someone like Robin actively involved in the business and assisting its international growth is crucial to JNCTN’s ongoing success,” said Wayne Stemp, Founder of Jnctn, in a prepared statement. “We are delighted that he believes our team and technology solutions are world-class. Jnctn is at the forefront of a very fast-growing sector. The January 2019 McKinsey report on Digital Identification noted nearly one billion people globally lack a legally recognized form of identification reinforcing that this integrated solution is well overdue.”
McKinsey takes the estimate of people without identity credentials from World Bank ID4D statistics.
Stemp explained that by partnering with Yoti, the company aims to “eliminate the risks associated with increased fake identities and allowing businesses to be able to instantly identify and verify staff credentials. This will also give individuals the security needed to protect their identity and credentials from theft.”
Digital Identity NZ’s 2020 Trust and Identity research confirms the magnitude of the issue, after 90 percent of New Zealanders did not know how to secure their personal information and identity data.