An identity verification platform, Sumsub announced on 10th September 2020, that it has raised USD 6 million in series A Investment round. This latest funding brings the total funding raised since its incorporation to over USD 7.5 million. The company provides an all in one legal and technical toolkit to cover AML/KYB/KYC needs.
The company claims to utilize the funding amount for further product development and breaking into new markets and add more tier-one enterprise customers. Sumsub aims to reach over one thousand new SMB and enterprise customers worldwide by 2021.
The participants of the funding round include renowned developer of financial trading software MetaQuotes. A group of strategic investors with various existing investors like Perekopsky, Vice President of Telegram Messenger also participated. Few early investors, among them Flint Capital which is an international Venture Fund left the project as co-founders are increasing the value of their shares many times.
Sumsub aims to fundamentally change way of companies assessing their individual clients and corporate by serving an efficient Ai-powered identity verification & compliance risk management toolkit.
Their system automates identity verification by performing background check in less than a minute and drives the conversion rate up to 97%.
The company is experienced in working with banks and recognized by multiple regulators. It also translates organizational AML policy into automated digital workflows, serving single solution to risk management to officers while onboarding users from over 200 regions.
The company says that their solution is currently available in over 200 countries and territories assessing biometrics and 6,500 different types of identity documents.
Co-founder and CEO of Sumsub, Andrew Sever, explained, “Around the world, 1000 of global companies suffer from the overwhelming number of jurisdictions where they conduct business and from the variability of their performance and the differences which is making compliance and risk extremely difficult to manage. Sumsub, solves 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.”
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