Bengaluru-based AI-powered fintech company Signzy has raised $5.4 Mn in a funding round led by Arkam Ventures and American financial service company Mastercard. Existing investors Kalaari Capital and Stellaris Venture Partners also participated in the current round.
Signzy will use this funding to strengthen its AI research and global sales to tap into the increased demand it has been witnessing during the pandemic. A part of the funding will also be used to deepen its customer engagement.
Commenting on the same, Ankit Ratan, cofounder 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.”
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.
Signzy provides digital KYC solutions to over 100 Indian banks, insurance firms, and asset management companies like Aditya Birla Sunlife AMC, BoB Financial and more. The clients also include four of the largest banks in India, with State Bank of India (SBI) and ICICI Bank among them.
Last week, it 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 Signzy system to onboard 50,000 new investors during the lockdown.
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 Staellaris 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.
IDfy had raised $2.1 Mn (INR 16 Cr) in debt from existing investors Millenna FVCI III, NB Ventures and Dream Incubator as a part of its Series A funding round.