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Sumsub

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Overview

Sumsub is a leading identity verification and compliance platform that aims to create a safe, accessible, and inclusive digital future for users and businesses worldwide. Here's a comprehensive overview of the company:

Mission and Vision

Sumsub's mission is to combat digital identity biases, perfect its AI to fight sophisticated fraud, and promote paperless verification globally. The company envisions a world where anyone, regardless of age, location, or computing skills, can securely access and use any digital service.

History and Founding

Founded in 2015 by Andrew Sever (CEO), Jacob Sever (Chief Innovation Officer), Peter Sever (Chief Strategy Officer), and Vyacheslav Zholudev (Chief Technical Officer), Sumsub evolved from a graphic editor-detecting tool into a powerful KYC (Know Your Customer) solution.

Platform and Services

Sumsub offers a full-cycle verification platform that secures the entire user journey, including:

  • Customizable KYC and KYB (Know Your Business) solutions
  • Transaction monitoring
  • Fraud prevention
  • Continuous verification to prevent account takeovers and suspicious activities

Technology and Approach

Sumsub employs a hybrid approach, combining AI technologies with human expertise to ensure high accuracy and reliability. Key features include:

  • A database of thousands of real documents to train AI algorithms
  • Verification experts handling complex cases
  • Integration with existing technologies to enhance user experience and fraud protection
  • Adherence to industry best practices for security and compliance

Global Reach and Certification

Sumsub has achieved the Global Digital Identity Certification (GDIC), based on the Financial Action Task Force's (FATF) standards and ISO/IEC 29115. The company supports global markets, recognizing any document type, language, and script.

Clients and Impact

Serving over 2,500 clients across various industries, Sumsub has verified over a billion users and analyzes 5,000 fraud samples daily. Notable clients include Bitpanda, Wirex, Avis, Bybit, Huobi, and TransferGo.

Team and Operations

Sumsub is powered by a team of over 450 professionals worldwide, with offices in multiple locations. The company is led by its founders and supported by an advisory board of experts in AML and regulatory compliance. In summary, Sumsub leverages advanced AI technologies and human expertise to provide robust and compliant identity verification solutions for businesses globally.

Leadership Team

Sumsub's leadership team consists of the following key executives:

Andrew Sever - Co-founder and Chief Executive Officer

Andrew leads Sumsub's operations, business development, sales, and global expansion. With a background as a C-suite manager in top IT and automotive companies, he holds a degree in theoretical physics.

Jacob Sever - Co-founder and Chief Innovation Officer

Jacob is responsible for product design, animation, and computer graphics. He leads transformative initiatives to drive innovation, with expertise in digital image manipulation and innovative solutions to combat fraud.

Peter Sever - Co-founder and Chief Strategy Officer

Peter focuses on meeting market demand and maintaining stable growth by planning new product features and functionality. He works closely with Jacob to encourage data-driven insights in product growth and development.

Vyacheslav Zholudev - Co-founder and Chief Technical Officer

Vyacheslav brings technical and entrepreneurial expertise, helping Sumsub's development team achieve complex goals. He holds a Ph.D. in Computer Science from Jacobs University in Germany and has experience as a solution architect at ResearchGate.

Advisory Board

Sumsub's advisory board includes experts in regulatory compliance and risk governance, such as Graham Barrow, Soroush Kafiabadi, and Yiannos Ashiotis. These advisors provide valuable guidance on risk management and compliance workflows, enhancing the company's ability to navigate complex regulatory landscapes.

History

Sumsub's journey from a small startup to a global leader in identity verification and compliance solutions is marked by innovation, adaptability, and significant growth.

Founding and Early Days (2012-2015)

  • Roots trace back to 2012, with founders working on detecting photoshopped images
  • Officially founded in 2015 by Andrew Sever, Jacob Sever, Peter Sever, and Vyacheslav Zholudev

Pivot and Focus Shift (2015)

  • Initially focused on software to recognize image manipulations for insurance fraud cases
  • Pivoted to Anti-Money Laundering (AML) and Know Your Customer (KYC) verification in response to market demand

Growth and Expansion (2015-Present)

  • Rapid growth since the 2015 pivot
  • Expanded services to cater to various industries, including fintech, gaming, and e-commerce
  • Currently serves over 1,000 clients worldwide

Key Milestones

  • Launch of the company, marking a new era in identity verification
  • Expansion of services to include a wide range of verification, compliance, and case management tools
  • Development of a single, secure verification platform utilizing in-house AI technology

Challenges and Successes

  • Overcame early financial hardships and market competition
  • Positioned as a trusted partner for businesses worldwide through innovation and perseverance

Current Status

  • Verified over a billion users
  • Analyzes 5,000 fraud samples daily
  • Maintains a 100% precision rate for any check
  • Achieved a run rate of $45 million
  • Customer base includes over 1,000 financial institutions and tech companies Sumsub's evolution from image manipulation detection to a global leader in AML and KYC verification demonstrates the company's commitment to innovation, adaptability, and excellence in the rapidly changing identity verification industry.

Products & Solutions

Sumsub offers a comprehensive suite of identity verification and fraud prevention solutions, catering to businesses across various sectors. Their product lineup includes:

Identity Verification

  • ID Verification: Authenticates identification documents
  • Liveness and Face Match: Ensures the person is real and matches the ID photo
  • Address Verification: Confirms user s address
  • Live Agent Video Call: Conducts real-time video calls for additional verification
  • Non-doc Verification: Uses alternative methods when documents are unavailable
  • Public Digital Identity Systems Integration: Connects with government-backed digital ID systems
  • QES/eIDAS Support: Facilitates Qualified Electronic Signatures and eIDAS compliance
  • Known Face Search: Checks against a database of known faces
  • Blocklist Check: Screens against various blocklists

Onboarding Orchestration

Sumsub s platform enables customized onboarding flows, including:

  • Email and Phone Risk Assessment
  • Device Intelligence: Analyzes device data to assess risk
  • Workflow Builder: Creates flexible verification flows

AML Screening

  • PEP and Sanctions Screening
  • Adverse Media Checks
  • Ongoing Monitoring: Continuously screens users for suspicious activities

Transaction Monitoring

  • AI-driven Anomaly Detection: Enhances pattern analysis for fraud and money laundering detection
  • Rule Bundles: Offers 300+ pre-built rules customized for different industries
  • Automated SAR/STR Generation: Streamlines the creation of Suspicious Activity/Transaction Reports

Fraud Prevention

  • Behavioral Fraud Detection: Monitors user behavior
  • Face Authentication: Uses facial biometrics
  • Multi-Factor Authentication (MFA)

Integration and Scalability

  • API Integration: Supports Web SDK, Mobile SDK, and RESTful API
  • Unilink: Enables onboarding via QR code or link without full integration
  • High Uptime: Ensures 99.996% uptime

Compliance and Security

  • Global Coverage: Supports verification in 220+ countries and territories
  • Certified Experts: Backed by 20+ certified legal experts
  • Data Protection: Adheres to high security standards Sumsub s solutions are designed to help businesses onboard users securely, comply with regulatory requirements, and prevent fraud effectively across fintech, online gaming, trading, and other sectors.

Core Technology

Sumsub s core technology revolves around an integrated verification platform designed to address various compliance and fraud prevention needs. Key aspects include:

Full-Cycle Verification Platform

Sumsub offers a comprehensive platform encompassing Know Your Customer (KYC), Know Your Business (KYB), Transaction Monitoring, and Fraud Prevention solutions. This integrated approach secures the entire user journey and enables efficient orchestration of verification processes.

KYC and KYB Solutions

  • KYC Suite: Verifies individuals through email addresses, tax residency, proof of address, identity document screening, and liveness checks.
  • KYB Platform: A six-in-one solution including Corporate Registry Check, Ownership & Control Check, UBO Verification, Advanced AML Screening, Corporate Documents Review, and customizable Questionnaire Analysis.

Compliance and AML

The platform ensures regulatory compliance by integrating Anti-Money Laundering (AML) screening across over 11,000 sources. This comprehensive approach helps businesses screen against watchlists, analyze entity data, validate ownership, and review corporate structures.

Integration and Customization

Sumsub s technology is highly customizable and can be seamlessly integrated into various platforms. This flexibility allows businesses to create tailored onboarding journeys without compromising their user interface or core banking solutions.

AI and Automation

Leveraging in-house AI technology, Sumsub enhances the precision and speed of verification processes. The AI analyzes over 5,000 fraud samples daily, achieving 100% precision for any check. It also supports paperless verification and helps combat sophisticated fraud.

Scalability and Reliability

Designed for scalability and reliability, Sumsub s platform serves over 2,000 clients across multiple industries with a 99.996% uptime. In summary, Sumsub s core technology focuses on providing a robust, compliant, and user-friendly verification platform that simplifies and accelerates the onboarding process while protecting businesses from fraud. The combination of AI-driven solutions, comprehensive screening capabilities, and flexible integration options positions Sumsub as a leading provider in the identity verification and fraud prevention space.

Industry Peers

Sumsub operates in the competitive identity verification and protection sector, alongside several notable industry peers. Key competitors and market dynamics include:

Major Competitors

  1. ID.me: A prominent player in identity verification services, holding a 17.37% market share in the identity verification and protection category.
  2. AWS Secrets Manager: Although primarily a secrets management service, it competes in the identity verification space with a 12.47% market share.
  3. LifeLock: Focuses on identity theft protection with a 5.18% market share.

Other Significant Players

  • Veriff: Offers AI-driven identity verification solutions, specializing in video ID verification and biometric authentication.
  • Trulioo: Provides global identity verification and compliance solutions, including watchlist screening and partner compliance checks.
  • Jumio: Known for its complete verification and AML platform with biometric capabilities.
  • Socure: Utilizes AI and machine learning for real-time identity verification across various industries.
  • SmartSearch: Specializes in anti-money laundering compliance solutions for the financial services sector.
  • Youverify: Develops online background screening platforms for identity and background checks.
  • Evrotrust: Competes in the identity verification and compliance space.
  • iDenfy: Offers identity verification and compliance solutions, particularly known for video-assisted KYC/AML verification.
  • Shufti Pro: Provides identity verification services, including video-assisted KYC/AML verification.

Industry Categories

Sumsub and its competitors are typically categorized under:

  1. Regulatory Technology (RegTech): Encompassing solutions for compliance, anti-money laundering (AML), and know-your-customer (KYC) requirements.
  2. Cybersecurity: As identity verification plays a crucial role in online security.
  3. Fintech: Given the significant application of these technologies in financial services. The identity verification and protection market is dynamic and competitive, with companies continuously innovating to provide more accurate, efficient, and user-friendly solutions. Sumsub s position in this landscape is strengthened by its comprehensive suite of products, AI-driven technology, and focus on global compliance standards.

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