London-based identity verification platform Sumsub (which stands for “Sum & Substance”) raised $6 million in Series A funding this week. The round brings the company’s total funding to more than $7.5 million. With the additional capital, the company plans to intensify its product development initiatives, expand into new markets, and pursue its goal of more than 1,000 new SME and enterprise customers by the end of next year.
Sumsub co-founder and CEO Andrew Sever highlighted the compliance and risk management questions that global businesses face when operating in multiple jurisdictions, and pointed to his company’s technology as an answer. “We solve the issue by presenting teams with a single solution to drive customers and enhanced due diligence from one place, customizing the onboarding flow to any jurisdiction or requirement.”
Sumsub provides a single, AI-powered identity verification and compliance risk management toolkit that automates the identity verification process and boosts conversion rates to as high as 97%. The company’s technology offers accelerated ID verification, digital fraud detection, and compliance for businesses in more than 200 markets around the world such as the U.K., North America, Germany, Singapore, and Hong Kong, and has verified “tens of millions of users” since launch in 2015.
The Series A was led by MetaQuotes, a financial trading software development company. The round featured the participation of several existing investors, as well as individual investor Ilia Perekopsky, VP of Telegram messenger.
Earlier this year, Sumsub announced that it and another ID verification company Veriff, had partnered with international money transfer firm TransferGo. TransferGo Compliance Manager Milda Mačiulaitytė said Sumsub’s platform would enable TransferGo to not only deliver a “tailored money transfer experience” but also to make sure that experience provided in a compliant and secure way across all regions.