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Identity verification startup Sumsub raises $6m Series A

Sumsub, an identity verification platform that provides an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs, has announced that it has secured $6 million in Series A funding, bringing the total capital raised since Sumsub’s founding to over $7.5 million.

The round was led by the leading developer of financial trading software MetaQuotes, and also involves a group of strategic investors and several existing investors, including Ilia Perekopsky, VP of Telegram messenger. Some early investors, among them the international venture fund Flint Capital, have left the project as co-owners, increasing the value of their shares many times.

By providing an efficient AI-powered identity verification and compliance risk management toolkit, Sumsub fundamentally changes how companies assess their corporate and individual clients.

The system automates identity verification, performing a background check in a matter of just 60 seconds, and drives the conversion rate up to 97%.

Recognised by multiple regulators and experienced in working with banks, Sumsub translates organization’s AML policy into automated digital workflows, providing compliance officers with a single solution to risk management while onboarding users from over 200 regions.

The solution is currently available in over 200 countries and territories, assessing biometrics and 6,500 different types of identity documents.

Andrew Sever, CEO and co-founder of Sumsub, said, “Around the world, thousands of global companies suffer from the overwhelming number of jurisdictions in which they conduct business – and from the differences and even the variability of their requirements – making compliance and risk extremely difficult to manage. We solve the issue by presenting teams with a single solution to drive customers and enhanced due diligence from one place, customising the onboarding flow to any jurisdiction or requirement.

“With MetaQuotes joining our renowned group of existing investors, Sumsub has the global support of the greatest strategists to disrupt the most promising segment in the current world economy – regtech.”

Renat Fatkhullin, CEO at MetaQuotes added, “We first met Sumsub as potential clients in the hunt for a working product. For several years, we had brokers request a compliance solution within MetaTrader.

“Sumsub was far ahead of the competition. We saw it and thought it was an excellent opportunity for us to participate in what Sumsub does, hoping that our expertise would bring additional value to the project.”

The company will utilise this investment to further its product development, expand into new markets and add more tier-one enterprise customers. It aims to reach over 1,000 new SMB and enterprise customers worldwide by early 2021.

The post Identity verification startup Sumsub raises $6m Series A appeared first on UKTN (UK Tech News).

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