Mobile commerce platform Yoyo has entered into a strategic partnership agreement valued at $30 million with Twitter and Coinbase investor HardYaka.
The agreement will see Yoyo integrate its omni-channel commerce API with a new global identification platform being built by HardYaka
The Global iD platform will 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.
Launched in London in 2013, Yoyo creates rich data around customer ID, based on loyalty preferences, which it shares with retail partners. The company currently processes more than 2 million transactions a month, has more than 1.25 million users, and over 600,000 monthly active users.
“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,” says HardYaka founder and CEO Greg Kidd. “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.”