Founded in 2019, Guavapay* is a global fintech company based in London, UK. The company serves diverse segments, with clients in both the B2B and B2C space. Their offerings include the MyGuava App, which streamlines money management through multi-currency accounts, global payments, and other features. The company also offers the MyGuava Business solution, specifically designed for businesses of all sizes, to manage business accounts, corporate cards, e-commerce payment solutions, and acquiring services (POS terminals).
The Challenge
Realizing the complexity of document verification and regulatory compliance, Guavapay set out to automate its onboarding process with a dedicated partner. Their other option, manual verification, wouldn’t have met industry standards and would bog down efficiency.
Guavapay’s main goal was to ensure compliance while offering an exceptional customer experience. However, finding one solution proved challenging in an industry where vendors typically specialize in specific tools.
Elkhan Nasibov
Executive Director and Chief Compliance Officer at Guavapay
Sumsub was the first verification vendor we used. As Guavapay grew, our range of services and integration with Sumsub also expanded.
Why Sumsub?
Guavapay selected Sumsub for its support capabilities, particularly for complex cases, and its comprehensive internal database for detecting fraudulent activity.
The Solution
Guavapay has boosted its verification process, requiring all users to go through Sumsub upon sign-up.
Here are the Sumsub checks they use to ensure that applicants are legit:
Recently, Guavapay has expanded their use of Sumsub, integrating Business Verification services to further secure business interactions.
The Results
After integrating Sumsub, Guavapay saw significant improvements:
- The company’s pass rate increased by 70%
- Median verification time decreased substantially by 95%, with new users now able to complete verification in 12 seconds and set up the application within minutes
- The number of verifications processed per year increased 4,000x
Elkhan Nasibov
Executive Director and Chief Compliance Officer at Guavapay
Since we started using Sumsub, our onboarding time has improved significantly. New users are now able to be verified within seconds. Following integration with Sumsub, our pass rate grew by 70%.
Future Plans
Guavapay plans to further integrate Sumsub, with more automation to make their customer journey easier and more efficient.
*Guavapay Limited is registered with the Financial Conduct Authority in the United Kingdom as a Small Electronic Money Institution with reference number 900888.
