Sumsub secures $6 mn in Series A funding led by MetaQuotes

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UK-based identity verification platform, Sumsub recently 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. Sumsub stated that it would use the investment to accelerate its product development, expand into new markets, and add more tier-one enterprise customers. The company aims to add 1000 new SMBs to its customer base by early 2021.

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

Sumsub offers accelerated ID verification, digital fraud detection, and compliance for 200+ markets such as the UK, North America, Germany, Singapore, and Hong Kong. The company’s system automates identity verification, performing a background check in a matter of just 60 seconds, and aims to drive the conversion rate up to 97%.

Renat Fatkhullin, CEO at MetaQuotes, said, “First, we met Sumsub as potential clients in the hunt for a working product. For several years, we had brokers request a compliance solution within MetaTrader. 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.”