UK startup that provides an all-in-one toolkit to cover KYC and AML secures €5M funding | Silicon Canals

With the digital revolution, the financial regulators have strengthened their focus on monitoring of fraud activities. This indeed had bolstered the demand for identity verification solutions. 

Bolstering ID verification solutions

In this regard, Sumsub, a London-based ID verification platform announced that it has secured $6 million (approx €5 million) in Series A funding, bringing the total capital raised since Sumsub’s founding to over $7.5 million (approx €6.3 million).

The round, led by the leading developer of financial trading software MetaQuotes, also involves a group of strategic investors and several existing investors, including Ilia Perekopsky, VP of Telegram messenger.  

Speeds up the verification process

The company intends to use the funding to further its product development, expand into new markets, and add more tier-one enterprise customers. Further, it aims to reach over 1,000 new SMB and enterprise customers worldwide by early 2021 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.

Andrey Sever, CEO, and co-founder of Sumsub says: “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. Most importantly, we consult and support clients on the legal and compliance framework to make it fit with the applicable laws. 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.”

Founded by three Israeli brothers Andrey, Jacob, and Peter Sever in 2015 in London and later joined by an ingenious co-founder & CTO, Vyacheslav Zholudev, Sumsub provides an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs. This platform helps to speed up verification, reduce costs, and detect digital fraud.

Done in 60 seconds

As per the company claims, the system automates identity verification, performing a background check in a matter of just 60 seconds, and drives the conversion rate up to 97%. The solution is currently available in over 200 countries and territories, assessing biometrics and 6,500 different types of identity documents. 

Sumsub focuses on accelerated ID verification, digital fraud detection, and compliance for 200+ markets such as the UK, North America, Germany, Singapore, and Hong Kong. The service has already checked tens of millions of users. The company works with more than 600 customers, and its clients include BlaBlaCar, TransferGo, PaySend, Gett, Wheely, VK.com, HRS Group, and many others.

Renat Fatkhullin, CEO at MetaQuotes: “First, we met Sumsub as potential clients in the hunt for a working product. For several years, we had brokers request a compliance solution within MetaTrader. By the time we met Sumsub, we had already tried dozens of other systems, but none of them suited us in terms of functionality and technical execution. 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.”

Main image credits: Sumsub