Series A8 September 2020

Sumsub secures £4.6m in Series A funding led by MetaQuotes to scale its verification platform.

The Series A round was led by MetaQuotes and will fund product development and international expansion.

£4.6MSeries A

Sumsub provides an all-in-one technical and legal toolkit for identity verification, regulatory compliance and anti-fraud checks. The platform helps enterprises automate onboarding workflows across more than 200 regions.

Sumsub has secured £4.6m in Series A funding led by MetaQuotes, alongside strategic backers and existing investors such as Telegram executive Ilia Perekopsky. The capital will support product development, international market expansion and customer acquisition efforts as the firm scales its compliance platform.

Founded in London by a team including Andrew Sever and Vyacheslav Zholudev, the company delivers automated KYC and AML solutions designed to handle multi-jurisdictional regulatory frameworks. The latest injection follows earlier support from backers including Flint Capital, some of whom have exited their positions during the transaction.

From the founder

"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."

Andrew Sever

CEO and co-founder at Sumsub

Investor perspective

"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."