Signzy, a Bangalore-based ‘no-code AI platform’, has now announced that it has secured fresh funding of $5.4 million from Mastercard and Arkam Ventures.
Its existing investors – Stellaris Venture Partners and Kalaari Capital, also participated in the funding round.
As per the company statement, Signzy will now going to use the fresh funding to strengthen its AI research, sales team expansion, and product enhancement to address the surge in demand from both the global and Indian clients.
Signzy is founded by Ankit Ratan, Ankur Pandey, and Arpit Ratan, in the year 2015. It helps the financial services to automate the compliance and risk processes. Due to the ongoing Coronavirus Pandemic, it claims to deal with the massive surge in global demand for its solutions.
Speaking about the development, Ankit Ratan, Co-founder of Signzy, said, “The ongoing pandemic has not only upended the pace of digitalisation in the financial services space but has also led to increased demand for no-contact solutions. The decisions that used to need years to finalise are now being closed in just a quarter.”
“We have worked hard to keep up with the growing demand. This fundraise is a timely boost in our efforts to scale up our AI capabilities and to tap an ever-widening global market opportunity. We’ll also be using these funds to deepen our customer engagement,” added Ankit.
Commenting on the investment, Bala Srinivasa, Managing Director of Arkam Ventures, said, “Some of the largest and most demanding banks and financial services in India and globally have adopted the Signzy solution due to its cutting-edge technology and measurable value proposition. We are delighted to support this exceptional team as they broaden their product portfolio and accelerate global expansion.”
The startup as of now, offers digital KYC solutions to more than 100 banking and NBFC services across the globe, along with the four largest banks in India, which include the ICICI Bank, State Bank of India them, and a Top 3 acquiring Bank in the US.
Across the globe, Signzy has a strong partnership with Mastercard and has its offices in Dubai and New York to serve its customers in these places.
