Founded in London in 2022 by three former Revolut executives, Neverless swiftly made waves in the crypto investing industry. With a $6.7 million pre-seed round from leading VCs, Neverless aims to revolutionize the landscape by offering free crypto trading, one-click purchases, and automated passive yield on all user assets. Launched on the App Store and Google Play in December 2023, Neverless quickly garnered 3,000 users purely through word of mouth.

The Challenge

Early on, Neverless faced challenges with manual identity review, with delays in user onboarding risking a negative first impression. Additionally, manual processes were time-consuming, diverted focus from core business activities, and proved costly for the startup.

Why Sumsub?

After an unsatisfactory experience with other providers, Neverless turned to Sumsub for several key reasons:

• Sumsub’s SDK offers a customizable, in-app solution for the identity verification flow.
• High verification speed and first-check approval rates provide an exceptional onboarding experience for users.
• Coverage aligns with Neverless’s global ambitions, eliminating the need for different integrations based on geography.
• Flexible and scalable pricing suits the startup’s cost-conscious approach.
• Responsive customer support resolves issues swiftly.

The Solution

Rita Riera Pastallé

Head of Marketing at Neverless

Sumsub’s self-service solution made it super easy for us to get started fast. No long calls, no paperwork hassle—just a quick and smooth process. With other software providers, this usually takes 4 to 8 weeks, but with Sumsub, we were up and running in zero days. Integration started right away!

Implementation

The integration of Sumsub’s SDK into Neverless’s iOS and Android apps and the adoption of Sumsub’s automated KYC solution was seamless. The entire integration, including testing and fine-tuning, took less than three weeks—a record time compared to the company’s previous experiences.

The Results

The impact of integrating Sumsub became evident from the very start.

• First-check approval rate: 85.2% (surpassing rates observed with other providers: 67-79%).
• Median processing time: 18 seconds (significantly faster than manual processes taking several hours)
• Impressive performance despite diverse user geographic origins (Europe, Asia, Africa, South America).

Future Plans

Neverless is considering the integration of two additional Sumsub products:

• Transaction Monitoring: Building on the positive experiences with Sumsub’s KYC solution, this integration aims to automate transaction monitoring further.
• Business Verification: Anticipating future business services, Neverless is preparing to integrate Sumsub’s Business Verification solution.

Rita Riera Pastallé

Head of Marketing at Neverless

The collaboration with Sumsub tackled immediate challenges and strategically positioned Neverless for ongoing success in the ever-evolving world of crypto investing.