Sumsub, a London, UK-based identity verification platform that provides a technical and legal toolkit to cover KYC/KYB/AML needs, secured $6m in Series A funding.
The round, which brought the total capital raised since founding to over $7.5m, was led by financial trading software developer MetaQuotes, with participation from Ilia Perekopsky, VP of Telegram messenger and early investor Flint Capital.
The company will use the funds to further product development, expand into new markets and add more tier-one enterprise customers planning to reach over 500 new SME and SMB customers worldwide by early 2021.
Founded by three Israeli brothers Andrew, Jacob and Peter Sever in 2015, Sumsub provides an AI-powered identity verification and compliance risk management toolkit that automates identity verification and translates organization’s AML policy into automated digital workflows. The solution, which focuses on accelerated ID verification, digital fraud detection and compliance for 200+ markets such as the UK, North America, Germany, Singapore and Hong Kong, is currently available in over 200 countries and territories, assessing biometrics and 6,500 different types of identity documents. The company works with more than 600 customers, and its clients include BlaBlaCar, TransferGo, PaySend, Gett, Wheely, VK.com, HRS Group, and many others.