Sector reports
Spark 02 Sector reports November 2026

Europe's KYC rules are changing.

This autumn the regulator rewrote Europe's KYC rules. Checking a passport and a selfie moves to the back seat, and the digital ID issued by the state takes its place. We look at the market, the players, where the money goes and what products still miss, with the UK side by side.

$3.53bn
European identity verification market in 2025, UK included [1]
16.9%
expected yearly growth until 2030 [1]
10% → 28%
share of advanced fraud attempts, in one year [12]
6x
gap between the cheapest and the most expensive full KYC list price [21] [23]
01 Short version

The rules are changing, prices are falling and the money is moving to KYB.

Rules

For remote onboarding, eID and the EUDI wallet now come first.

Documents, selfies and video ident are not banned, but they can only be used with a recorded reason. Wallets arrive in December 2026, the new rules in July 2027. [6] [10]

Competition

Selfie and document specialists are under pressure from two sides.

The new rules favour eID providers, while newcomers sell full KYC for $0.33. Those who want to stay in the game are buying KYB and monitoring companies. [17] [23]

Money

Growth is in KYB, ongoing monitoring and audit evidence.

One time checks get cheaper, while knowing companies and watching customers over their whole life grows. One KYB data provider grew 46% in a year. [26]

Our view

The technology in this market is mostly ready. The hard part is the decision: which method, which provider, and how you defend it in an audit. In 2027 banks and fintechs will have to answer these questions again.

02 Market

KYC and KYB are not one product. They are a chain with five layers.

The stars of the first wave lived only in the first layer. Today the provider that sells the whole chain in one contract gets ahead.

L1

Identity verification

Documents, NFC chip, face match, liveness, eID, video ident Is this really the person?
L2

AML screening

Sanctions lists, politically exposed persons, adverse media Can we work with this person?
L3

KYB

Company register, real owners, representatives Is this company real, and who is behind it?
L4

Ongoing monitoring

Updating the risk score, checking again when something changes Is yesterday's clean customer still clean?
L5

Orchestration

Linking all checks in one flow, keeping the decision and the evidence Who approved this, and based on what?
How big is the market
Market20252030Yearly growth
Europe, UK included [1]$3.53bn$7.72bn16.9%
UK [2]$0.85bn$1.83bn16.5%
US [1]$4.34bn$8.16bn13.5%
World [1]$14.34bn$29.32bn15.4%

Numbers vary by source; IMARC puts the same UK market at $521m [3]. The direction matters more than the exact value: Europe grows faster than the world average.

From the reports

The biggest use case is KYC, KYB and onboarding, the biggest buyers are banks and insurers. The fastest growing sector is gaming and gambling, the fastest growing country is Italy. [1]

Easy to miss

Services grow faster than software [1]. Companies buy setup, review teams and operations support on top of the API. Often the real competitor is not another software, it is Excel and people.

03 Rules

Flip the switch to see identity methods before and after 2027.

AMLA sent the final draft of its customer due diligence standards to the Commission on 30 September 2026. For remote onboarding the priority is eID, the EUDI wallet and qualified trust services. Other methods can only be used when the customer cannot come in person and has no eID, and the reason must be recorded. [6] [7]

Black cards are main methods, white cards are fallbacks that need a reason.
Main method

eID

Main method. Any eID with enough assurance is accepted. [6][7]

Main method

EUDI wallet

Main method. Banks must accept it by December 2027. [9][10]

Main method

Qualified e-signature

Main method. Can even be used in a branch. [6]

Fallback

NFC chip and selfie

Fallback. But more valuable against fraud. [7][13]

Fallback

Document photo and selfie

Fallback. Only if the customer has no eID, with the reason recorded. [6][7]

Fallback

Video ident

Fallback, with stricter conditions. [8]

Timeline
1 Jul 2025 AMLA starts work. [5] Done
10 Jul 2025 Access to ownership registers is limited. [15] Done
19 Nov 2025 Commission proposes the European Business Wallet. [37] Done
30 Sep 2026 AMLA's final draft: eID first. [6] Done
24 Dec 2026 Countries offer the EUDI wallet. [9] Next
10 Jul 2027 AMLR applies in 27 countries. [4] Expected
Dec 2027 Banks must accept the wallet. [10] Expected
2028 AMLA directly supervises around 40 institutions. [5] Expected
One rulebook

27 countries will apply the same text.

AMLR applies from July 2027. From 2028 AMLA will directly supervise around 40 institutions. Providers can sell one product across the EU, which will push prices down. [4] [5]

Fraud

Fewer attacks, but better ones.

The share of advanced attacks went from 10% to 28% in one year. One in five biometric fraud attempts is a deepfake. A selfie on its own is no longer safe enough. [12] [13]

KYB data

Finding a company's real owners got harder.

Beneficial ownership registers are no longer open to everyone since 2022. France and Denmark limited access, Czechia closed its register. A bank with business customers from five countries deals with five different routes. [15] [16]

Our view

Providers that bring eID and wallets into one flow will get ahead. Identity companies coming from Türkiye have an edge here: Turkish banks have been onboarding remotely by reading the ID chip with NFC since 2021 [46]. Europe is only now moving to this model.

04 Competition map

There is no single leader. There are seven types of players.

We placed each type on two axes: how much of the chain it sells, and how ready it is for the 2027 rules. Scores go from 0 to 10 and are our estimate. Tap a square or a name.

005510101234567
1 / 7

eID and trust service companies

Winning
Signicat IDnow Namirial WebID Nect
Strength

Many national eIDs, qualified e-signatures, methods BaFin accepts.

Weakness

Weak outside Europe, patchy products from acquisitions.

Next move

Add KYB and ongoing monitoring and sell the whole chain.

A few players in numbers
PlayerWhat we knowWhat it means to us
SignicatRevenue grew 35% in 2023 to over NOK 1bn. Bought NFC chip reading company Inverid. [27] [18]The widest eID network. It may gain the most from the new rules.
IDnow2024 revenue of €79m. Corsair Capital took a majority stake in March 2025. [19] [20]Strongly tied to video ident. It will need to change as that method becomes a fallback.
SumsubOne of the few big players that publishes its prices. Valued at over $1bn. [21] [17]The strongest example of the everything in one contract model.
VeriffPrices start at $0.80. Bought KYB company Vespia in February 2026. [22] [24]Trying to move from identity checks to a platform.
GBG£285m revenue in the year to March 2026, 3.2% growth. [25]Data heavy incumbents grow slowly.
KyckrRevenue up 46% in the year to June 2026. [26]KYB data is the fastest growing part of the market.
DiditFull KYC for $0.33, 500 free checks a month. [23]The player pulling prices down.
05 Positioning

Everyone promises roughly the same thing. There are four ways to stand out.

PromiseWho says itWho they sell toAfter 2027
We have the method the regulator approvesIDnow, Signicat, NamirialBanks, insurers, investment firmsStrong on eID
Fastest decision, highest conversionVeriffNeobanks, gaming, platformsHarder in EU banking
One contract, all of complianceSumsub, Persona, Ondato, iDenfyCrypto, iGaming, payments, fintechStrong
We catch the fraudsterEntrust, iProov, Au10tixHigh risk sectorsBecoming a standard feature
We have the most dataMoody's, Experian, LexisNexis, GBGLarge banksSafe but slow
We connect to registers liveKyckr, Topograph, kompanyKYB platforms, banksValue is rising
Open prices, start for freeDidit and the big players' self serve plansStartups, low volumeNo enterprise trust yet
  • Way 1

    Reusable identity

    A user verified once does not start again in another app. Since the EUDI wallet will offer the same thing for free, the future of private players here is unclear.

  • Way 2

    KYC and KYB in one flow

    Verifying the company, its owners and its representatives on the same screen. This is why Veriff bought Vespia. [24]

  • Way 3

    Recording the reason for a fallback small but critical

    The new rules ask why eID was not used. A simple module that records this reason for every application will help compliance teams a lot in audits. A small job, but everyone will need it in 2027. [7] [50]

  • Way 4

    Identity for AI agents

    Sumsub says the next step is verifying agents that act on behalf of a person. [43] When an agent opens an account or makes a payment for you, three questions come up: Who owns this agent? With what authority and up to what limit does it act? Can that authority be taken back? Today this is mostly a marketing line. As agents spread, a new product area that joins person, company and authority will appear.

06 KYB

KYB is the fastest growing part of the market. The biggest pain is still collecting documents.

Onboarding a business customer can take three to four months [35]. Emails going back and forth for company documents, shareholder lists, papers of a parent company abroad and translations drag the process out [34]. Open a KYB file step by step.

What happens today

Asking for the register extract, waiting for a PDF, going to another country's register for a company abroad.

Who solves it today

Services that pull the official register record and documents through one API. Kyckr connects to over 300 registers. [26]

What could come

With connected EU registers and the European Business Wallet, one query could be enough. [37]

Today ~18 days
With solutions ~6.4 days

Day counts are our estimate for an EU company with two ownership layers. Sources only confirm the direction: manual KYB takes weeks, automated flows take hours or days. [34] [36]

Six ideas that could end document chasing
Proposal stage

European Business Wallet

In November 2025 the Commission proposed a separate wallet for companies. It will hold company data and authorisations and make banks' KYB easier. [37] [38]

Live but not widespread

Verifiable LEI

A credential that digitally signs the company's identity and the representative's authority. Banks can even issue a customer's LEI during onboarding. [39]

Being built in the EU

Connected registers

Ownership registers are being connected and five years of ownership history is required. But access rules still differ by country. [15]

Available as a product

AI that reads documents

Tools that read the articles of association, build the ownership chain, screen in parallel and record the decision. Companies like Dotfile sell this. [36]

Our idea

Company passport

The profile of a company verified once moves from bank to bank with the company's consent. When something changes, everyone hears about it at the same time.

Our idea

Accountant approved profile

The accountant or notary who knows the company best approves its data digitally. The bank checks this approval instead of asking for documents.

Our view

The state gives people a digital identity. Companies do not have one yet. Whoever fills this gap will own not only the checks, but also the relationship between companies and their banks.

07 Marketing

Providers sell fear, deadlines and comparisons.

The products look very similar, so the one that tells the story best wins. Seven methods stand out:

  • 01

    A yearly fraud report

    Sumsub and Entrust publish a report from their own data every year. The press quotes it, and you leave your email to download it. One piece of content brings brand, news and a lead list. [13] [43]

  • 02

    Content that follows the regulation calendar

    The week AMLA published its standards, IDnow, Signicat, Fourthline and Shufti all released guides on it. Every date on the calendar means a webinar and a checklist.

  • 03

    Comparison pages

    Pages like "best KYC providers" and "X vs Y" are published in dozens of languages. The target is not only Google, but also the AI assistants buyers now ask. Open prices, tables and FAQs work well here. [23]

  • 04

    Free trials

    Veriff gives 15 days, Sumsub 14 days and 50 checks, Didit 500 free checks every month. Developers finish the integration without talking to sales. Banks still buy through tenders. [22] [21] [23]

  • 05

    Analyst rankings

    Sumsub shows Chartis and KuppingerCole badges even on its pricing page. Bank buying teams still look at these rankings. [21]

  • 06

    Partner channel

    Sumsub offers partners two options: refer customers for a commission, or resell under their own name. BaaS companies and consultants are a natural part of this channel. [45]

  • 07

    A brand for the end user

    When age checks became mandatory in the UK, Yoti ran a fun social media campaign. Its app passed 6 million downloads in the UK. [44]

What is missing

No provider talks to the end user. Rejected and stuck people complain in reviews, but providers only speak to companies.

08 Revenue models

Pick a monthly volume and see the bill at list prices.

Most providers charge per verification plus a monthly minimum. The calculation uses published list prices only. Add ons and enterprise discounts are not included.

A striped bar means usage is below the minimum, so you pay the minimum. This is exactly where small companies get tied to a provider.

From the field

Banks and large volumes get serious discounts. People in the industry also talk about providers working for free for a while to win a big reference customer. The list price is only where the negotiation starts.

Monthly bill, list price
Didit $0.33, 500 free a month 165 $
Veriff Essential $0.80, min $49 800 $
Sumsub Basic $1.35, min $149 1,350 $
Sumsub Compliance $1.85, min $299 1,850 $
Veriff Premium $1.89, min $209 1,890 $

Sources: [23] [22] [21]

Where the money comes from
  • Fee per verification What counts as a "verification" matters. Sumsub bills only completed ones, others count every attempt. [51]
  • Minimums and yearly contracts IDnow, and Sumsub once volume grows, ask for yearly contracts and minimum spend. The top complaint of startups. [49] [33]
  • Add ons Ongoing AML monitoring costs $0.09 at Veriff and $0.08 at Sumsub. Margin often comes from here. [22] [21]
  • People Video ident and manual review. Expensive, but banks trust it in audits.
  • E-signature The qualified e-signature that comes right after identity verification.
  • KYB data A fee per register document or an enterprise data licence. The fastest growing item. [26]
  • Platform fee Flow design, case management, keeping evidence. This will replace the shrinking check fee.
Where the money goes

As the one time check gets cheaper, watching customers over their whole life and showing evidence in audits will be what makes money.

09 Customer voice

Customers keep complaining about the same things.

Big data companies are buying digital players: Entrust bought Onfido, Experian KYC360, LexisNexis IDVerse, Moody's kompany [55]. But in the reviews the problem is always in the same place: no one takes care of the rejected user.

End user Rejected, no reason

Valid document, good light, rejected again. No explanation.

Most complaints on one provider's review page look like this. Some users cannot even withdraw money they earned. [29]

End user No one owns it

The app sends me to the provider, the provider sends me back to the app.

The company makes the decision, the provider designs the screen, and responsibility falls in between. [31]

End user Local documents

Even my registration certificate from the city office was not accepted.

A German Meldebestätigung example. Error messages asking users to switch off a VPN they don't have also come up often. [29]

End user Video ident

I waited 40 minutes and the call dropped eight times.

The experience depends a lot on the agent you get. One competitor entered the DACH market with exactly this problem in mind. [30] [54]

Company False rejections

Applications stuck in loops, wrong selfie rejections, rejections for people with no credit history.

G2, Gartner and Reddit reviews show the same three complaints for all big providers. Young people and newcomers to a country are rejected the most. [28] [32]

Company Contracts

Minimums don't fit our volume, and the invoice is hard to follow.

In KYB, once volume grows, almost every provider asks for a custom contract and a yearly minimum. [33]

Product gaps behind these complaints
GapWho has it todayOpportunity
Explaining rejections and appealsNo oneA layer that tells users why and what they can do
Support for rejected usersStuck between company and providerShared support, one ticket number
Newcomers to a countryPartly credit bureausDifferent data and documents for migrants, students and diaspora
Local documentsBits and piecesWider document support by country and language
Reason for a fallbackJust startingA module that records the reason automatically
Company passportAlmost no oneA company profile that moves from bank to bank
Fair pricing for small volumeNewcomersPlans with no minimum and clear add ons
10 User story

Deniz's eight years and eight identity checks.

Deniz is a software developer who moved from Izmir to Berlin. He is made up, but what happens to him comes from real reviews and real rules. Tap a year.

Deniz's phone · 2019
Bank app Video call queue: you are number 23 Estimated wait 40 min
Bank app Connection lost. Please try again.
Bank app Your account is open. On the third try

A 40 minute video call

Deniz moves from Izmir to Berlin. To open a bank account he waits 40 minutes and the call drops twice. On the third call the agent asks him to show his passport to the camera, page by page.

The real question

As long as video ident is the main method, waiting times stay a problem. After 2027 it becomes a fallback.

11 UK

The EU is moving to the state's digital ID. The UK dropped its national ID plan.

The UK cancelled its national digital ID in July 2026 and left identity checks to private companies certified by the state.

EUUK
RulesAMLR, the same in 27 countries from July 2027 [4]Its own money laundering rules
Digital IDEvery country offers an EUDI wallet by December 2026 [9]National ID plan cancelled on 21 July 2026 [40]
Remote checkseID and wallet first, documents and selfies as fallback [6]Certified providers, documents and selfies stay the main method
CertificationeIDAS assurance levels65 certified services from 47 providers in September 2026 [41]
Company registerOwnership registers are not open to everyone [15]Register is open. Companies House has verified directors' identities since November 2025 [42]
Local playersSignicat, IDnow, Namirial, WebID, Nect, FourthlineGBG, Experian, Yoti, Credas, Thirdfort
$0.85bn

UK identity verification market, 2025 [2]

65

certified verification services, September 2026 [41]

69m

age checks in the second half of 2025, 23 times the six months before [47]

2x

rise in deepfake attacks in one year [43]

Deniz's two paths · 2028

Deniz opens two accounts on the same day: one at a bank in Berlin, one at a fintech in London. Go step by step.

EU · Berlin
Step 1 · EU
Bank in Berlin Verify your identity to open an account. Recommended: EUDI wallet

In the EU the first method offered is the wallet issued by the state.

UK · London
Step 1 · UK
London fintech Verify your identity to open an account. With an identity app or a document

The UK has no state ID. The options are a certified app or a document.

1 / 5
Our view

In the EU the provider that connects to eID gets ahead, in the UK the one certified by the state. Selfie and document checks become a fallback in the EU but stay the main method in the UK. Anyone selling to both markets will have to run two different products.

12 What's next

Seven expectations and three risks for 2027 to 2030.

Most banks will review their providers for the new rules at the same time, which makes the first half of 2027 very important for sales. Where there is no source, it is our estimate.

  • 01 eID and wallets become the default. Selfies and documents won't disappear, but in EU banking they will stay as a fallback and a fraud check. High
  • 02 Prices keep falling. Full KYC for $0.33 is the exception today and could be normal within two years. High
  • 03 Acquisitions continue. Single product companies will either buy others or be sold. High
  • 04 KYB drives growth. As registers get harder to reach and business onboarding still takes weeks, KYB becomes the fastest growing area. High
  • 05 Banks may start issuing identity. If they can write their own KYC credentials into a customer's wallet, they become identity issuers, not just identity checkers. [52] Medium
  • 06 Chips and devices matter more against deepfakes. Attacks go around the camera, so NFC chips, device checks and behaviour signals become more important than the selfie. High
  • 07 Agent identity becomes a new area. Products that join person, company and authority appear first in payments, then in account opening. Medium
Risk 1

If people are slow to take up the EUDI wallet, fallback methods stay the main method in practice.

Risk 2

If the Commission softens AMLA's standards, document checks could be on equal terms again. [7]

Risk 3

A large data leak or deepfake scandal could shake trust in the market overnight. A big provider was named in a data breach notice in January 2026. [53]

13 Expert note
Mehmet Burak Dikmen
When we built insha on a BaaS platform, we were tied to one identity provider. There were times we were not happy, but adding a second provider was not in our hands.

So when we launched RUUT in the UK, our first question was: which partner is strong in both KYC and KYB, works end to end and can handle different cases? Choosing an identity provider looks like a buying decision, but it is a product decision you live with for years.

2027 is a good time to make this decision again. The rules are changing, prices are falling, and you have a strong hand in the negotiation.

Mehmet Burak · fspark9

  • Map your onboarding flows today and mark which ones will change with eID.
  • Add a field that records the reason whenever a fallback method is used.
  • Check your contract with your identity provider: minimums, add ons, the right to add a second provider.
  • Find the three documents that slow your KYB files the most and look for a data source for each.
  • Try once yourself what a rejected customer sees and who they can reach.

The rules are set. Which way you go is up to you.

fspark9 helps banks, fintechs and companies with customers choose the right partner and turn new rules into product decisions.

Back to Deniz's story
Sources

Where the numbers come from.

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Information checked on 2 November 2026. AMLA's standards are still a draft and the Commission can change them. Market sizes are estimates by research firms. Prices are published list prices. Competition map scores, KYB day counts, expectations and the sections marked Our view are fspark9 analysis, not legal advice.