Company Analysis Report: Sum and Substance Ltd (Sumsub)

Company Overview

• Name: Sum and Substance Ltd (Sumsub)

• Mission: Sumsub aims to create a safe, accessible, and inclusive digital future by eliminating fraud and verification hurdles, allowing users and businesses worldwide secure access to services.

• Founded: 2015 by Andrew Sever, Jacob Sever, Peter Sever, and Vyacheslav Zholudev.

• Key People:

• Andrew Sever - Co-founder, Chief Executive Officer

• Jacob Sever - Co-founder, Chief Innovation Officer

• Peter Sever - Co-founder, Chief Strategy Officer

• Vyacheslav Zholudev - Co-founder, Chief Technical Officer

• Headquarters: 30 St. Mary Axe, London, England, EC3A 8BF

• Number of Employees: 450+

• Revenue: Revenue grew by nearly 50% in 2023, with a forecast of 100% revenue growth in 2024.

• Known For: Known for offering a comprehensive verification platform that covers KYC (Know Your Customer), KYB (Know Your Business), transaction monitoring, and fraud prevention solutions.

Products

• User Verification:

• Smooth online identity verification and compliance solutions for global users.

• Business Verification:

• Streamlined verification flow for onboarding companies at record speeds to businesses.

• Transaction Monitoring:

• A tool for detecting suspicious activities in user transactions to maintain compliance and prevent fraud.

• Fraud Prevention:

• Utilizes advanced machine learning (ML) algorithms to tackle various types of fraud at every stage of user interaction.

Key Features:

• Secure Customer Journey: Orchestrates identity verification checks without coding, ensuring checks at every customer journey stage for high anti-fraud protection.

• Non-Doc Verification: Allows verification using just an ID number or through a bank/government app, available in multiple countries.

• AI-Based OCR: Supports document verification by recognizing document types, languages, and scripts.

• Integration: Offers a hybrid verification approach with both manual and automated components.

Recent Developments

• New Product Launches:

• Travel Rule Solution: Launched in 2023, focuses on compliance for the crypto industry.

• Deepfake Detector: Launched to counter emerging AI-driven threats, ensuring high security and accuracy.

• Enhanced Fraud Prevention Solution: Released in March 2024 to strengthen market leadership as the only full-cycle verification platform.

• Technology and Features:

• New capabilities involving DeFi analytics, transaction monitoring, user behavior insights, and e-signing.

• Launch of local processing infrastructure in APAC for compliance with regional data laws.

• Partnerships and Collaborations:

• Integration with Chainalysis for precise transaction monitoring and screening for risky addresses.

• Partnership with Mercuryo to simplify the Travel Rule compliance journey.

Sumsub continues to innovate and expand its offerings by opening new offices in Miami, Singapore, and Dubai as part of its global expansion strategy. Its commitment to enhancing security, compliance, and user experience positions it as a leader in digital identity verification and fraud prevention.