El Dorado is the gateway to financial freedom in Latin America, offering a user-centric, versatile, and comprehensive finance ecosystem. As the region’s most user-friendly P2P payments marketplace, El Dorado provides seamless transactions through its app, allowing users to buy and sell dollars in local currency with the support of stablecoins and bitcoin. Their offerings include a dedicated digital wallet, a thriving P2P marketplace, and effortless remittance services.

The Challenge

El Dorado needed to automate its processes for scaling its operations and handling thousands of daily P2P payments. Previously, the company used a different provider that, despite having good coverage in Latin America,  faced significant issues, particularly cost predictability and API capabilities.

Why Sumsub?

El Dorado was looking for an alternative KYC solution on a  pay-as-you-go model. Sumsub checked the right boxes, offering comprehensive identity verification, forgery detection, and fast results which were crucial for El Dorado’s onboarding needs.

The Solution

El Dorado implemented Sumsub’s ID Verification and Liveness to enhance conversion rates and minimize fraud. Users must pass verification to add or receive funds, ensuring a secure and reliable platform.

Juan Andreu

CTO at El Dorado

Integrating Sumsub’s verification solutions has significantly improved our platform’s security and trustworthiness, leading to smoother transactions and greater peace of mind for our users.

Implementation

El Dorado integrated via Sumsub’s WebSDK, which is the simplest way to start using the solutions. The integration process was seamless and took just a few days.

The Results

Since integrating Sumsub, El Dorado has seen significant improvements in key metrics. Onboarding time has been reduced to just 9 seconds, and the approval rate has increased to 93%.

Future Plans

El Dorado plans to launch a cross-chain swap product, a significant addition to its roadmap this year. As it focuses on expanding its P2P order book, it can rely on Sumsub to manage KYC processes effectively.

With Sumsub’s support, El Dorado continues to enhance its offerings, providing a robust and secure platform for financial transactions in Latin America.