5 years ago

Sumsub Secures $6 Million Series A Funding to Expand Identity Verification Platform

  • Sumsub, a London-based identity verification platform, secured $6 million in Series A funding led by MetaQuotes, with participation from Ilia Perekopsky and Flint Capital

  • The company plans to utilize the funds for product development, market expansion, and acquiring new enterprise customers, aiming to reach over 500 new SMEs and SMBs by early 2021

  • Founded in 2015, Sumsub's AI-powered toolkit automates identity verification and translates AML policies into digital workflows

  • Their solution, available in over 200 countries, caters to accelerated ID verification, digital fraud detection, and compliance, serving over 600 clients, including BlaBlaCar, TransferGo, and others.

      • ProblemTechnology

      "Businesses struggle with the cumbersome and time-consuming process of verifying identities for Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering (AML) compliance, leading to delays, increased costs, and potential legal risks."

      Solution

      "Sumsub offers an AI-powered identity verification and compliance risk management toolkit that automates identity verification, streamlining the process and translating a company's AML policy into automated digital workflows, enabling businesses to quickly and securely verify customers and comply with regulations."

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