UK-Based Propetly Partners With Sumsub to Automate a Property Investment Market That Hasn’t Changed for 30 Years
- Transaction Banking , Investment
- 13.04.2021 04:51 pm
Propetly, a new marketplace for buying and selling investment properties, partners with Sumsub, an identity verification solution that provides an all-in-one technical and legal toolkit for KYC/KYB/AML needs. In an otherwise stagnant industry in which efficiency has only increased by 4% over the past 30 years, Propetly and Sumsub are motivated to provide an easy, accessible, and secure way to invest into properties.
Propetly is a platform that automates investment property transactions in the UK. It helps buyers analyse market offers and invest smarter by providing AI-generated summary reports on land for development, property refurbishments, and buy-to-let properties. For estate agents, the platform is a single hub for managing properties, as well as creating and sharing presentations with potential buyers.
Because Propetly sought to automate a very rigid market that hasn't changed for 30 years straight, they needed an onboarding solution that would make verification quick and easy for all users. Sumsub enables Propetly with quick, 2-3 minute user verification.
Before allowing investors and agents to invest in property in the UK, they are asked by Propetly to submit identity documents and pass a video liveness check. These sophisticated, protective steps allow for careful verification of users and detection of money laundering activity. Sumsub ensures that this process is people-friendly and in-line with UK regulations. In addition, Sumsub has provided Propetly with a KYB solution, ensuring that onboarded real estate companies are trustworthy and don’t pose any risks.
“Our aim is to make buying and selling properties quicker than traditional, long-established methods. We want our investment platform to be safe, efficient, and accessible for anybody. Sumsub helped us achieve this by complementing our solution with effortless user verification that reduced onboarding to just a few minutes. That's why Sumsub was the only choice to support us through our mission and further growth.”—Brian Cartwright, Managing Director at Propetly.
“Property remains one of the best investments. However, with property investment becoming more accessible online, it’s important to keep the process safe from fraud and abuse. We are happy to see how Propetly automates the otherwise complicated process of property investment. So, on our part, we want to ensure proper verification of agents and users on Propetly’s platform. This will secure their workflow, so they can focus on global expansion.”—Jacob Sever, Founder of Sumsub.