Bullwaves is a regulated multi-asset brokerage firm providing advanced trading technology to clients in over 100 countries. Designed for retail traders, professional investors, and financial institutions alike, the platform offers access to over 150 financial instruments, including Forex, Commodities, Indices, and Shares, enabling users to engage with global markets confidently and precisely.
Founded three years ago by a team with over 15 years of industry experience, Bullwaves is headquartered in Dubai and has additional offices in Belgrade, Cyprus, and Seychelles.
The Challenge
As Bullwaves prepared to scale, the team needed a verification solution that could support rapid global growth without compromising on efficiency or cost. One key challenge was a high number of document rejections, which created friction during onboarding. Limited customization options in the verification flow also made it difficult to adapt the process to different user segments.
Having worked with Sumsub in previous ventures, the team was confident in its ability to deliver seamless automation from day one, making it the go-to partner as Bullwaves launched its platform.
Why Sumsub?
Filippo De Rosa
Chief Executive Officer
Our decision was driven by Sumsub’s superior automation capabilities and high approval rates. These factors aligned perfectly with our scalability and compliance needs.
The Solution
Bullwaves’ onboarding process begins with an Appropriateness Test and Economic Profile assessment, followed by Sumsub’s KYC checks, including ID Verification, Address Verification, and AML Screening, which ensure the company meets all regulatory requirements across jurisdictions.
Sumsub’s solution allowed Bullwaves to scale this process efficiently. With automation reducing manual workload, the team was able to onboard users at speed without increasing headcount, resulting in significant cost savings and smoother internal operations.
Francesco Ceccarini
Chief Commercial Officer
Sumsub enabled us to scale our user onboarding significantly without increasing headcount. The automation reduced manual workloads, leading to cost savings and operational efficiency.
The implementation was swift and seamless. No dedicated technical team was needed, and the deployment exceeded expectations in both ease and speed, allowing the company to go live without delays or bottlenecks.
The Results
Filippo De Rosa
Chief Executive Officer
With Sumsub, we achieved a 50% month-over-month increase in registration rates, reduced onboarding costs by up to 30%, and enabled our team to focus on growing the business instead of managing verification.
Over the past six months, Bullwaves achieved a 50% month-over-month increase in registration rates without expanding its team. Sumsub’s automated verification process now handles the vast majority of onboarding, with only minimal manual checks required, primarily due to client-side documentation issues.
This efficiency reduced onboarding costs by up to 30%, bringing Bullwaves in line with industry benchmarks for automated KYC solutions. The faster verification process also accelerated client activation, allowing the company to realize revenue sooner.
An added benefit was the system’s reliability and scalability, which surpassed expectations. With less time spent on manual oversight, the team has been able to concentrate more on core business operations while maintaining a strong compliance posture.
Future Plans
Bullwaves is preparing to expand into new markets, with a strong focus on the Arabic-speaking region. This next phase of growth is backed by ongoing investments in regulatory compliance and strategic local partnerships to ensure smooth market entry. Sumsub will continue to play a key role in this journey by supporting efficient, scalable onboarding and helping Bullwaves maintain compliance across multiple jurisdictions.