– UK, London – Yoyo today announced that it secures $30 million partnership agreement from digital ID creator and investment firm Hard Yaka.
Greg Kidd, an early investor in Ripple and Square, as well as Twitter and Coinbase, and one of the world’s most influential leaders in fintech and digital identity, has entered into a strategic partnership agreement valued at $30 million with Yoyo through his digital ID creator and investment firm Hard Yaka.
As part of the commercial agreement, Yoyo will integrate its omni-channel commerce API with global user identification platform – Global iD – an innovation owned and operated by Hard Yaka.
Global iD is building software which enables users to create an individual token of identity, attached to a unique name, which can collect proofs of identity or “attestations” based on the person’s electronic footprint and relationships. One core use case of Global iD is to enable users to securely pay for goods and services online and in-store, helping to shape a better future for commerce that is seamless and more user friendly.
For that vision to become a reality, Global iD needed to be embedded into a proven, highly secure and scalable technology platform like Yoyo. Launched in London in 2013, Yoyo has mastered tokenization and created rich data around customer ID, based on loyalty preferences.
“Yoyo is the cornerstone to the global delivery of the Hard Yaka vision. We know about data – and our collaboration together will generate a boost to the Global iD movement that will shape the future of the global consumer market and disrupt the status quo,” said Yoyo chairman Alain Falys.
The collaboration aligns with Yoyo’s strategy of integrating into new and existing platforms, from financial institutions and schemes through to new emerging technologies, to increase Yoyo’s footprint and give more choice and convenience to retailers and consumers globally. It also provides a validation point for the commercial model Yoyo is developing for these integrations.
“We want to work in close cooperation with Yoyo to help execute our vision of creating a global ID framework. This will provide everyone with a secure and trusted private identity that protects consumers, improves society and fuels economic progress,” said Hard Yaka founder and CEO Greg Kidd, an early investor in Square and Twitter.
He added: “Yoyo has a very sophisticated technology that includes a nimble application programming interface that makes it easy to integrate into the Yoyo Platform. This will enable users to pay for goods and services and receive loyalty rewards and other benefits through a mobile device – without compromising the security of the consumer or giving up more private details than necessary.”
Michael Rolph, CEO of Yoyo, said: “We are building next generation commerce infrastructure that redefines the buying experience for a technology and data driven world. Our deep collaboration with HardYaka supports the fact that we are doing the right thing at the right time to help retailers be more like Amazon”.
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