Bengaluru-based AI-powered fintech company Signzy has raised $3 Mn in a funding round led by Vertex Ventures. Existing investors Kalaari Capital and Stellaris Venture Partners also participated in the current round.
With the fresh capital, the company plans to invest in strengthening its AI platform and expanding its global sales team.
Last month, Signzy had raised $5.4 Mn in a funding round led by Arkam Ventures and American financial service company Mastercard. In total, the company had raised $8.4 Mn.
Founded in 2015 by Ankit Ratan, Ankur Pandey, and Arpit Ratan, Signzy offers a digital onboarding solution for banks, NBFCs, and other financial institutions.
It uses AI and blockchain to provide smart e-verification and risk prediction and aims to simplify and secure digital regulatory processes. Its applications are in banking, insurance, mutual fund, payments, and cryptocurrency.
Commenting on the fund raise, Ankit Ratan, cofounder of Signzy said, “We are glad to receive such tremendous support from our investors, and their faith and trust in us is a great encouragement for the entire Signzy team to double down on executing the next phase of our growth strategy.”
Signzy offers a ‘no code AI platform’ that helps financial service companies automate risk and compliance processes, the company said in a statement.
The company had also partnered with Mastercard to help the latter with onboarding on new customers completely paperless and remotely.
Last month, BOB Financial Solutions Limited (BFSL), a wholly-owned subsidiary of Bank of Baroda, had selected Signzy for digitizing customer verification through ‘Video KYC’. Even Aditya Birla Sun Life Asset Management Company (AMC) has deployed the Signzy system to onboard 50K new investors during the lockdown.
Signzy works with over 140 banking and financial services companies globally including the four banks in India and three acquiring banks in the US.
Piyush Kharbanda, partner, Vertex Ventures said, “Signzy has built differentiated expertise in AI within a short period. Signzy team has executed an ambitious global strategy with great success so far. We are thrilled to back this exceptional team as they build the next generation AI platform for financial services.”
Earlier, Signzy has raised nearly $10 Mn across multiple funding rounds. The company had last raised $3.6 Mn in the first tranche of Series A funding round led by Stellaris and Kalaari Capital in November 2018. The company competes with IDfy, Yoti, inVOID, HyperVerge, Helloverify, Syntizen, SignDesk, Veri5Digital, and Karza Technologies, among others in the Indian market.