Identity verification platform Sumsub raises $6m in Series A round

Sumsub, an identity verification platform, has bagged $6m in a Series A round led by financial trading software provider MetaQuotes.

The new cash injection brings  the total capital raised by Sumsub to over $7.5m.

A group of strategic investors and several existing investors, including Flint Capital and Ilia Perekopsky, VP of Telegram messenger, also participated in the raise.

The company will use the topup of its financial to fuel further product development, expand into new markets and add more tier-one enterprise customers. It aims to reach over 1,000 new SME and enterprise customers worldwide by early 2021.

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

“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.”

Renat Fatkhullin, CEO at MetaQuotes, added, “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.”

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