Saturday, June 15, 2024

Sumsub expands to the US, bringing new services to local customers

Sumsub, a regtech company that helps businesses stay compliant and fight digital fraud, establishes its first US office in Miami, Florida, launching new services available only for US customers. Now local clients can add Social Security Number (SSN) checks to verify users through Social Security records. SSN verification also enables background checks, which can immediately spot customer red flags, including bankruptcies, liens, criminal records, etc.

The global identity verification market is expected to see year-on-year growth of 24% over the next four years, with North America accounting for 30%. However, the US market is hard to navigate, with each state proposing a unique set of compliance laws. On top of this, many US businesses already operate globally or plan to expand to foreign markets, which brings additional regulatory complications.

With years of international experience, Sumsub has developed a product that allows companies to stay compliant with varying KYC, KYB and AML regulations, maintain a high level of fraud protection, and achieve high conversion rates both in US and global markets. The company is already a leading performer in the US market, with an average user verification speed of 87.05 seconds and a pass rate of 91.64%.

Choosing Miami as a location wasn’t an accident, since Sumsub plans to build its presence not only in the USA, but also in Latin America. In recent years, Latin American governments have increasingly invested in identity and access management (IAM) security services to protect data and information in various end-use industries, such as finance, insurance, banking, healthcare, and others. This is boosting demand for KYC providers in the region, and Sumsub aims to offer its in-depth knowledge to help LATAM clients expand globally.

“We are thrilled to establish a strong presence in the Americas and provide tailored services to our local clients. Our unique experience of working with complicated markets in 220+ countries and territories differentiates us from other industry players. With our mission to empower verification, we aim to help both regulated and non-regulated businesses in the Americas easily scale to international markets by delivering end-to-end identity orchestration solutions,” Andrew Sever, co-founder & CEO of Sumsub.

With its expansion into the Americas, Sumsub aims to target fintech, gaming, trading, transportation and crypto—industries where the company already processes millions of verifications annually for its 2000+ global clientbase.

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