Sumsub and VALK to boost KYC checks for digital investing and fundraising businesses

By Megha Bhattacharya

Identity verification Sumsub has announced a partnership with end-to-end digital solution VALK in a bid to automate KYC checks and ensure compliance for the latter’s users. Sumsub’s solution is expected to help VALK onboard new investors, verify those investors across multiple channels, and screen them for suspicious patterns. Sumsub was able to provide their KYC/AML ecosystem and ensure all-round safety for those using the VALK platform, making sure their verification routine falls perfectly within the regulatory demands.

“We are delighted to seal this partnership with Sumsub. Their solution perfectly fits our clients’ needs and has already greatly reduced the time spent on KYC processes while giving them a second to none digital experience. We are looking forward to working together for the long term and highly recommend their solution and services to any player in the market that wants to combine digital efficiency with excellence in compliance,” stated VALK founders Antoine Loth and Elie Azzi.

VALK, built on Corda, offers solutions to investment banks, asset managers, and fund managers as well as enables its users to onboard prospective investors, get them to sign documents, provides instant on-chain settlements, store data and documents, and enables communication, all through a single tool that cuts 50% of costs and reduces up to 80% of time that would otherwise be spent on manual processes.

‘We see the incredible results that VALK has achieved in terms of customer experience, cost reduction, and time optimization and so we are naturally delighted to provide a secure and compliant environment for many of the businesses that use VALK for the more efficient management of unlisted assets,” said Jacob Sever, Co-founder of Sumsub.

Recently, Sumsub announced that it has closed $6 million in Series A funding led by financial trading software developer MetaQuotes along with strategic investors and several existing investors, including Ilia Perekopsky, VP of Telegram messenger.