Identity verification platform Sumsub raises £4.6m

Posted on September 10, 2020 by Alistair Hardaker

Identity verification platform Sumsub has secured $6m (£4.6m) in Series A funding.

The firm’s platform automates identity verification, performing a background check in 60 seconds, which it claims can drive conversion rate up to 97%.

The technology compares a photo in the document with a user selfie, determines user’s age and national origin, automatically flags fake or forged documents, and identifies the liveliness of a real human face.

Founded by three Israeli brothers Andrew, Jacob and Peter Sever in 2015 in London, they were later joined by the former ResearchGate technical architect, Vyacheslav Zholudev.

The solution is currently available in over 200 countries and territories, assessing biometrics and 6,500 different types of identity documents. 

The funding brings the total capital raised since Sumsub’s founding to over $7.5 million.

The round, led by  financial trading software MetaQuotes, also involves a group of strategic investors and several existing investors, including Ilia Perekopsky, VP of Telegram messenger.

Some early investors, among them the international venture fund Flint Capital, have left the project as co-owners, increasing the value of their shares.

The company will use the investment to further its product development, expand into new markets and add more tier-one enterprise customers.

The company said it aims to reach over 1,000 new customers worldwide by early 2021.

Andrew Sever, CEO and co-founder of Sumsub, said: “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.”

Renat Fatkhullin, CEO at MetaQuotes added: “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.”

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