Sumsub raises $6M to bring selfie biometrics and document checking to new markets
Sumsub has raised $6 million in Series A funding to develop its all-in-one, biometrics and AI-powered identity verification and compliance risk management toolkit, expand into new markets and sign up more tier-one enterprise customers. The company plans to reach a customer base of 1,000 SMBs and enterprise clients early in 2021 with its document and selfie biometric checks.
The funding round was led by financial trading software developer MetaQuotes, with participation from several strategic and existing investors. Some early investors in Sumsub, including Flint Capital, have divested their Sumsub shares with values many times higher than they invested at, according to the announcement.
Sumsub provides automated identity verification and background checks within a minute for conversation rates of up to 97 percent. The company says its technology is recognized by multiple regulators and used by banks, onboarding users from more than 200 regions with biometric checks against 6,500 different types of identity documents.
“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,” says Sumsub Co-founder and CEO Andrew Sever. “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.”
The document authentication and facial recognition service has been used to onboard tens of millions of users, from among the company’s more than 600 customers.
Metaquotes CEO Renat Fatkhullin says the company became familiar with Sumsub originally as a potential client.
“For several years, we had brokers request a compliance solution within MetaTrader,” comments Fatkhullin. “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.”
Sumsub launched an agent-assisted video streaming process to help companies in central Europe meet KYC, KYB and AML requirements.