Peter Sever, Andrey Sever, Jacob Sever

Sum and Substance (t/a Sumsub) secures £4.61 million Series A investment led by MetaQuotes

Identity verification platform Sumsub raises $6M in Series A from MetaQuotes

London, September 3, 2020 — Sumsub, an identity verification platform that provides an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs, announced today that it has secured $6 million in Series A funding, bringing the total capital raised since Sumsub’s founding to over $7,5 million. The round, led by the leading developer of 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 many times.

The company will utilize this investment to further its product development, expand into new markets and add more tier-one enterprise customers. It aims to reach over 1000 new SMB and enterprise customers worldwide by early 2021.

By providing an efficient AI-powered identity verification and compliance risk management toolkit, Sumsub fundamentally changes how companies assess their corporate and individual clients. The system automates identity verification, performing a background check in a matter of just 60 seconds, and drives the conversion rate up to 97%. Recognised by multiple regulators and experienced in working with banks, Sumsub translates organization’s AML policy into automated digital workflows, providing compliance officers with a single solution to risk management while onboarding users from over 200 regions. The solution is currently available in over 200 countries and territories, assessing biometrics and 6,500 different types of identity documents. 

Sumsub focuses on accelerated ID verification, digital fraud detection and compliance for 200+ markets such as the UK, North America, Germany, Singapore and Hong Kong. The service has already checked tens of millions of users. Sumsub employs top market technologies combined with legal expertise and assistance with financial requirements (FCA, CySec, MAS, FINMA, BAFIN, etc). The company works with more than 600 customers, and its clients include BlaBlaCar, TransferGo, PaySend, Gett, Wheely, VK.com, HRS Group, and many others.

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

Renat Fatkhullin, CEO at MetaQuotes: “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.”

About Sumsub (http://sumsub.com/)

Sumsub provides an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs. It is a powerful platform to convert more customers, speed up verification, reduce costs, and detect digital fraud. Global coverage of 200 territories and top market technologies, combined with legal expertise, helps the companies meet financial requirements across the globe (FCA, CySec, MAS, FINMA, BAFIN, etc) and expand into new regions. Sumsub clients include BlaBlaCar, Gett, ESL Gaming, JobToday, Wheely, Vk.com, Decta, Exness, WebPay, FXOpen, Maxi Partners, Bank Dobrobyt, and others.

The company was 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. For the first few years, the company worked with forensic centres and assisted the police and intelligence services worldwide in investigating incidents related to online fraud. The team often investigated fraud in the sharing economy and fintech, accumulating valuable expertise in AML, data privacy compliance and anti-fraud, and advising and working with regulators, banks and financial crime police organisations. 

About MetaQuotes (https://www.metaquotes.net)

Established 20 years ago, the company is considered one of the leading developers of software for brokerages, banks, hedge funds and exchanges. MetaQuotes offers advanced MetaTrader trading platforms for automated online brokerage services, the Finteza advertising and analytics system, and high-load web services. Representative offices are located in many countries around the world.

About Flint Capital (http://www.flintcap.com)

The company led early-stage funding for Boston HQ. Flint Capital invests in startups in Europe and Israel, helping them expand into the U.S. market. The company’s portfolio includes WalkMe, Socure, Cyber X, Job Today, Loom Systems, Flo, Yva.ai, BrandTotal, ManyChat, Audioburst, Voca.ai, Fjor Nutrition, and others.

Manoj Ranaweera

Manoj has founded, failed and successfully exited from a number of technology product companies as well as support organisations since 2004. Among them, Northern Tech Awards and edocr.com were acquired by GP Bullhound and Accusoft, Inc respectively. Today, Manoj is building a trusted support network for technology companies. He is working with founding teams to help them accelerate including raising investment and M&A.