The Series A round was led by MetaQuotes and will fund product development and international expansion.
"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."
The insurtech firm has raised further capital from new and existing investors to support its ongoing expansion.
"We wanted to raise more in the spring but, with lockdown restrictions pending, we had to close the round early. However, since then, the business has performed incredibly well and we are seeing opportunities for new products and new markets,"
The financing round was led by Erik Langaker to support ongoing production scale and manufacturing optimisation.
"We are delighted to welcome Erik to the Board. He brings us valuable experience alongside market-relevant knowledge at a pivotal time, as we scale the business towards our vision of a trillion flexible integrated circuits."
The funding round was supported by mobility sector leaders including Cabify founders Juan de Antonio and Vicente Pascual.
"I worked with the team at HumanForest for ten years at Cabify and I believe that this is another disruptor. It is three disruptors in one; it provides free mobility for users through its partnership model, protects the planet and appeals to partner companies who seek to demonstrate their social impact. We are already seeing the success of the model and I am excited to be involved in its future growth."
The funding from consumer specialist Piper will support expansion across the UK, US and Asia.
"Since first meeting the Piper team in 2016 they have consistently helped and supported our business. We are confident that their investment and expertise will help us realise our global ambitions for the Wattbike brand."
