TMT ID plans to expand digital identity portfolio, reach with £30M investment

London-headquartered TMT ID, which uses mobile network data to help onboard and authenticate users or perform age verification, has raised £30 million (approximately US$39.5 million).

The funds were invested by BGF, which describes itself as the UK and Ireland’s most active growth capital investor.

TMT ID plans to allocate funds to innovate faster, grow its global reach and expand its portfolio of services, according to the announcement.

The company says demand for its services has increased by 30 percent from last year, and revenues from its suite of digital identity and fraud prevention products, including KYC checks and age verification, is up 80 percent.

Between mounting global fraud losses and increasing regulatory burdens with new rules like those under the UK Online Safety Act, TMT sees an opportunity for its mobile network data to help organizations. TMT was also one of the companies name-checked by Yoti CEO Robin Tombs at a Westminster eForum event this week in pleading for the government to allow room for UK companies to innovate in digital ID by protecting the role of businesses certified to the Digital Identity and Attributes Trust Framework.

TMT has offices in the UK and Romania, and is described in the announcement as “largely self-funded” prior to the investment from BGF. It had enough assets to acquire Phronesis Technologies, a mobile identity technology company, in 2023,

The company says its data network includes three billion phone numbers across more than 200 countries and territories, and is used in 100 million checks each day.

TMT ID CEO John Wilkinson says these checks deliver real-time insights to help enterprises “build trust, prevent fraud and optimize decision-making.”

BGF Investor Matthew Connor says TMT has the vision and capability to expand internationally, with the U.S. market as a notable target.

Article Topics

age verification  |  digital identity  |  funding  |  identity verification  |  investment  |  KYC  |  TMT ID