Sumsub
Sumsub provides a unified identity verification platform that utilizes customizable KYC, KYB, and transaction monitoring solutions to streamline the verification process for users and businesses. This technology addresses the challenges of compliance, fraud prevention, and operational efficiency, enabling companies to onboard customers quickly while maintaining security across various industries.
- Artificial Intelligence
- Cybersecurity
- Enterprise Software
- Financial Technology
- Software Only
Funding
Raised to date
$30MRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
across 1 round
$30M · Series B
Announced Jan 2023
Disclosed cumulative: $30M
Founders
Product
Problem
Many online platforms face challenges in efficiently verifying the identities of users and businesses, leading to potential fraud, compliance issues, and slow onboarding processes. Traditional verification methods can be cumbersome, costly, and may not adequately address evolving regulatory requirements across different jurisdictions.
Solution
Sumsub offers a unified platform for identity verification, combining KYC, KYB, and transaction monitoring solutions within a single dashboard. The platform streamlines the verification process for users and businesses, helping companies onboard customers quickly while maintaining security and compliance. By orchestrating identity verification checks, Sumsub provides anti-fraud protection and aims to maximize pass rates worldwide.
Target Audience
Sumsub targets businesses across various industries, including Fintech, online gaming, trading, crypto, transportation, and marketplaces, that require robust identity verification solutions to ensure compliance, prevent fraud, and streamline user onboarding.
Features
- User Verification: Verify user identities worldwide with smooth online identity verification and compliance.
- Business Verification: Streamline the verification flow to onboard more companies at record speeds.
- Transaction Monitoring: Detect suspicious activity in user transactions to maintain regulatory compliance and prevent fraud.
- Fraud Prevention: Utilize advanced ML algorithms to tackle various types of fraud at every user interaction.
- Orchestration: Identity verification checks can be placed at any stage of the customer journey.
- Non-Doc Verification: Verify users with just an ID number, or through a tap on a bank or government app in select countries.
- AI-based OCR: Verify any document type, country, or typescript.
- Integrations: Unilink, Web and Mobile SDK, and API integrations available.