Sumsub Revenue, Valuation & Funding (2024)

Sumsub reported $25,000,000 in full-year 2021 revenue, representing 4.4 times year-over-year growth. By April 2022, the company had reached a $45,000,000 annualized run rate, equivalent to $3,700,000 in monthly recurring revenue. That compares with approximately $700,000 in monthly recurring revenue at the start of 2021 and at the time of the 2020 seed round, and with $1,000,000 in total annual revenue in 2019.

Sumsub had more than 1,000 paying technology customers as of April 2022, with an average contract value of approximately $10,000 to $20,000 per year. Within that base, roughly 40 accounts qualified as tier-one customers, defined as those spending more than $100,000 per year. The largest customers pay $5,000,000 to $7,000,000 annually.

Customers span banks, fintechs, crypto companies, car-sharing platforms, and marketplace businesses. Zholudev explained that large international clients typically begin with a single region, evaluate performance, and then expand to additional geographies, which drives significant revenue growth within existing accounts. Billing is structured per sub-service rather than per verification, as different clients require different combinations of identity checks, AML screening, and related compliance modules.

The company processes between 500,000 and 1,000,000 verifications per month across all service types, ranging from straightforward AML screening to full identity document plus selfie checks. Zholudev noted he did not have a precise breakdown by verification type at the time of the interview.

Sumsub charges clients per sub-service consumed rather than a flat per-verification fee, allowing customers to construct custom compliance flows from modular components. The average customer pays roughly $10,000 to $20,000 per year, while the top tier of approximately 40 accounts each exceeds $100,000 annually and the largest accounts reach $5,000,000 to $7,000,000 per year.

The company reported positive cash flow as of April 2022 and an EBITDA margin of 10 to 20 percent. At the April 2022 monthly recurring revenue of $3,700,000, a 10 percent EBITDA margin implies approximately $400,000 in monthly cash profit, a figure Zholudev confirmed as roughly accurate when the host raised it. Profitability was achieved on total outside funding of approximately $6,500,000, which Zholudev described as a point of leverage in Series B negotiations.

Growth to date has been driven primarily by word of mouth and by clients migrating from competitors, particularly in emerging and complex international markets. Zholudev acknowledged that the sales and marketing function was not yet in strong shape, with a team of roughly 20 to 30 people covering both sales and marketing, and said the Series B proceeds would be used in part to hire senior sales and marketing leadership and build out that function properly.

Sumsub employed approximately 300 people as of April 2022. The engineering organization comprised roughly 50 to 60 engineers, with an additional 20 to 30 staff in quality assurance and engineering management roles. The sales and marketing team numbered approximately 20 to 30 people combined.

Zholudev noted that the sales and marketing function was not yet operating at the level the company needed and that one of the primary uses of Series B capital would be to bring in senior talent to professionalize that part of the business.