MoonPay partners with Sumsub to bolster its KYC processes

MoonPay, the global payments solution for cryptocurrency, has partnered with Sumsub, an identity verification platform to provide its 250 customers better compliance processes.

The partnership will see MoonPay utilise Sumsub’s industry-leading compliance solution to create a stronger and safer Know Your Customer (KYC) and Know Your Business (KYB) processes for its global clients.

MoonPay users now simply have to go through a two minute verification process to purchase cryptocurrencies, with Sumsub’s dashboard providing customisable settings to support users across different regions.

Sumsub will also provide business client verification for MoonPay with a multilayered KYB solution combining AML screening, database screening, and legal review of corporate documents. Sumsub has also enabled MoonPay to establish the control structure and Ultimate Beneficial Owner of any entity, ensuring a transparent view of their business clients.

Ivan Soto-Wright, founder and CEO of MoonPay said, ‘Safety and compliance is of the utmost priority for MoonPay. We needed a service that knows how to work with international clients from over the world in line with local requirements. With Sumsub, we are able to tick all the boxes and free our clients from unnecessary difficulties and delays, making them focus on growth and profit instead.’

On the partnership, Jacob Sever, Co-Founder of Sumsub said, ‘The cryptocurrency sector is experiencing explosive growth. Every day we see tens of thousands of users expressing new interest in crypto-related projects. So we are very happy and excited to work with MoonPay, one of the most important providers of crypto infrastructure in the current market.’

Since launching in 2019, MoonPay has over 250 partners, including Bitcoin.com, Trust Wallet, and ZenGo. The company supports over 80 cryptocurrencies and over 30 fiat currencies. So far, MoonPay has processed over one million transactions across 160+ countries worldwide.

About MoonPay
MoonPay is a financial technology company that builds payment infrastructure for crypto. Its on-and-off-ramp suite of products provides a seamless experience for converting between fiat currencies and cryptocurrencies using all major payment methods, including debit and credit cards, local bank transfers, Apple Pay, Google Pay, and Samsung Pay. MoonPay is active in more than 160 countries and is trusted by 250+ leading wallets, websites, and applications to accept payments and defeat fraud.

About Sumsub
Sumsub is an all-in-one technical and legal toolkit to cover KYC/KYB/AML needs. The company provides a powerful platform for converting customers, speeding up verification, reducing costs, and detecting digital fraud. Sumsub’s global clientele, based in over 200 different jurisdictions, are able to meet financial requirements (FCA, CySec, MAS, FINMA, BAFIN, etc.) and expand to new regions thanks to top-notch technology and legal support. Sumsub clients include BlaBlaCar, Gett, ESL Gaming, JobToday, Wheely, Vk.com, Decta, Exness, WebPay, FXOpen, Maxi Partners, Bank Dobrobyt, and others. In 2020, Sumsub entered a series A funding round led by MetaQuotes.
Awards: Benzinga Global Fintech Awards 2018, The UK Startups 100 2020, PwC nomination for ‘The best use of tech award’.
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