When someone needs some extra money to get by until their next paycheck, traditional solutions aren’t always the best. Borrowing money from friends can be awkward; and acquiring a bank loan can result in high interest. Bling, a cash advance service, solves this by helping users get money fast and trouble-free.
At the same time, Bling can’t forget that the cash advance sector is full of fraudsters using fake identities to “borrow” money and never pay it back. This story details how Bling ensured both the speed and security of their customer verification with Sumsub’s solution.
Traditional money lending services are cumbersome; they make customers come to offices in-person, wait in long lines, and fill out numerous application forms. This results in people waiting days, if not weeks, just to borrow a bit of money. The founders of Bling set out to prove that money lending can be a pleasant experience, free of unnecessary paperwork and waiting time. With Bling, you just download an app, get verified within minutes, and you’re good to go.
Risk manager at Bling
“Since the very beginning, we knew that if we wanted to instantly provide money, we needed KYC software that can do the risk assessment and onboard customers really quickly, even if we need to onboard a big number of users.”
However, ensuring fast onboarding was not the only difficulty. Bling understood that hundreds of scammers would try to pass their verification with fraudulent identity documents and steal borrowed money. So the platform needed to be confident that they were providing money to honest users with real bank accounts.
Bling needed an extraordinary KYC solution—one that could conduct client risk assessment within seconds while ensuring bulletproof security.
In search of a KYC solution, Théo Rougon, risk manager at Bling, reached out to several providers and requested demos. He then tested each solution by attempting to upload fraudulent documents. Sumsub’s fraud prevention system detected the counterfeits with ease.
Bling’s team was also impressed by Sumsub’s verification speeds. With fast, user-oriented onboarding, they were maintaining high conversion rates.
For Benjamin Daudignac, one of the founders of Bling, the fact that both Sumsub and Bling are growing companies focused on innovation was also a plus.
With Sumsub’s fast user verification and risk assessment, Bling can onboard new customers and get money in their pockets in just two minutes.
Bling can also rest assured that Sumsub provides the high level of security demanded by French AML regulators and the 6th European AML Directive. This includes ensuring that users do not appear in any adverse media and that documents have no traces of digital or physical tampering. Additionally, Sumsub’s liveness detects that the true document-holder is present during verification.
All told, Bling has had zero instances of fraud since partnering with Sumsub.
Сo-founder of Bling
“Thanks to Sumsub’s solution, we have zero fraud, which is quite rare in the cash advance sector. Since we can fully rely on Sumsub’s KYC process and risk assessment, we can delegate user onboarding to Sumsub and focus on other areas of our business.”