The Sumsub Story

Between 2006 and 2012, the Sever brothers launched several businesses, starting with a web design studio, an online electronics shop, and a 3D interactive city map for tourists with gamified routes to stores and restaurants. During this time, Andrew supported these ventures while working his day job in sales.

In 2012, Peter and Jacob, with the help of Andrew, leveraged their design background to build software that could detect manipulation in digital images and prevent fraud in areas like car insurance.

Despite initial interest and several trial customers, the project did not take off as a business and was ultimately abandoned. However, it provided the brothers with valuable insights into the application of technology for fraud and image manipulation detection.

During this time, Andrew also met Vyacheslav, whose extensive tech experience helped the brothers realize the potential for anti-fraud technologies. Eventually, he became Sumsub’s CTO.

Sumsub’s story begins in 2015 in London, where the founders established a company called “Sum and Substance,” derived from a Latin phrase meaning “to the very gist.” While the UK and other European markets were key targets, Sumsub’s initial customers primarily came from Russia and the CIS, given the proliferation of growing online businesses in the fast-evolving economy.

Initially, the company focused on onboarding solutions for online businesses. In 2017, during the ICO boom, Sumsub spotted a golden opportunity in crypto compliance. With hundreds of companies in their early stages and short deal cycles, the crypto industry became an ideal testing ground for both the technology and the product. This allowed Sumsub to refine and quickly scale its offering to industries like transportation and classifieds, attracting big names like BlaBlaCar, Gett, Toyota, Hyundai, and Avito.

Despite having a small team, the product's success led to rapid expansion.

In 2017, Sumsub secured its seed round, led by Flint Capital and Ilya Perekopsky, who believed in the Sever brothers' new venture. In 2019, Sumsub closed its Series A round, led by Cyprus-based MetaQuotes Corporation, while Flint Capital exited its investment.

In 2017, Sumsub opened an R&D center in Berlin, where Vyacheslav was based, to attract tech talent. In 2019, this was followed by a focus on building top-notch legal and compliance expertise. The strategic addition of an in-house compliance team allowed the company to offer KYB services and paved the way for future growth.

2021 was a breakout year—the company grew more than fourfold, driven by the increasing recognition of its product’s strengths, which enabled Sumsub to acquire over 600 new customers and sign some of its largest clients.

By the end of 2021, Sumsub, which had initially focused on the CIS, had transformed into a truly global player, with the vast majority of its revenue coming from outside Russia and the CIS, and part of its employees already located worldwide. However, geopolitical tensions soon prompted a strategic relocation of its remaining team.

2022 proved to be a transformative year on many fronts. Early investors, such as Ilya Perekopsky, exited Sumsub, while the founders retained a controlling ownership stake in the company.

In March 2022, in response to the Russian invasion of Ukraine, Sumsub ceased its Russian operations, abandoning its local market positions. The founders chartered emergency flights from Russia and facilitated the relocation of the remaining team members from Ukraine and Belarus.

As the world changed, the company evolved as well. It transformed from a point solution—a document IDV vendor—into a comprehensive onboarding orchestration platform and introduced a robust transaction monitoring solution.

Despite a weak market environment in the fintech and crypto sectors in 2022, revenue nearly doubled. The year ended with Sumsub raising its Series B round, securing a multi-million-dollar financial boost for the coming years from a corporate VC fund.

In 2023 and 2024, Sumsub maintained its impressive growth, investing heavily in product development and further international expansion. The company opened offices in Miami, Singapore, and Dubai, expanding its team to over 500 people. In 2023, Sumsub’s revenue grew by nearly 50%, and in 2024, it more than doubled.

In 2023, Sumsub launched its Travel Rule solution and introduced multiple non-document verification methods to its platform. In response to emerging AI-driven threats, the company also launched its Deepfake Detector, leveraging the high security and accuracy of global verifications.

In March 2024, Sumsub added an enhanced Fraud Prevention solution to its product portfolio. This move set Sumsub apart as the market’s only full-cycle verification platform, soon to be enriched by the integration and further development of DeFi analytics, transaction monitoring, user behavior insights, and e-signing solutions.

In 2023–2024, the company received numerous industry awards and recognitions from Gartner, Forrester, ICA, and Sigma, while its research materials were cited by Interpol, the UN, and major media outlets. Notably, Gartner positioned Sumsub as a Leader in the first Magic Quadrant for Identity Verification in 2024, recognizing the technological excellence and innovative features of its Identity Verification product.

Looking ahead to 2025–2027, Sumsub is poised to elevate its full-cycle verification platform to new heights, ensuring a secure journey for every customer. The company's immediate plans include further tailoring onboarding solutions to specific market needs, such as the Middle East and APAC, and enhancing transaction monitoring and fraud prevention capabilities. Additionally, Sumsub plans to continue investing in localizing its business infrastructure, from data storage and processing to certifications.

Another key focus for Sumsub is Reusable Identity solutions, which enable customers to streamline their onboarding to just a few clicks while maintaining regulatory compliance standards.

Finally, fostering a safe and inclusive workplace culture will remain paramount for the founders. All these efforts will continue driving Sumsub’s mission of building an inclusive digital future for every honest user worldwide.