Signzy Raises $26 Mn To Develop No-Code Digitalisation Platform

Bengaluru-based fintech SaaS startup Signzy has raised INR 210 Cr ($26 Mn) in a funding round led by Gaja Capital. Existing investors Vertex Ventures and Arkam Ventures also participated in the funding round.

The round comes almost two years after it raised $8.4 Mn across two separate funding rounds in October and December 2020. In all, the startup has raised $37.76 Mn in funding since its inception in 2015.

Signzy plans to use the incoming funding to improve its no-code workflow digitalisation platform and solutions to partner with global banking solutions providers.

Founded by Ankit Ratan, Ankur Pandey, and Arpit Ratan in 2015, Signzy provides digital onboarding solutions for banks and NBFCs. It also provides an integration with the government’s Account Aggregator network.

The startup’s fintech APIs enable banks and NBFCs to digitise processes across use cases including banking, lending, insurance, investment and payments. While Signzy’s core product is related to KYC, it has built products to enable banks and NBFCs to go paperless wherever possible.

At the same time, its platform allows banks and NBFCs to cut down on customer dropouts, generate more leads, access user insights and assess risks associated with a new user. The startup claims to have filed eight patents so far in the US and nine in India. Signzy received a US patent for banking in the metaverse earlier this year.

Ankit Ratan, CEO of Signzy said, “Signzy has seen strong adoption of its no-code product by financial services companies as they start on their digital transformation journey. The solution has been developed from the ground up to allow banks and financial services providers to roll out and offer fintech-like user experiences in a matter of days, not months or years.”

Ratan added that the incoming investment will help Signzy drive adoption and build the product further to support the startup’s long-term vision.

Gopal Jain, managing partner, Gaja Capital said, “The team at Signzy has impressed us with their no-code digitalisation platform for the financial services industry, which we believe is the first of its kind anywhere in the world and solves real pain points for their customers. Their technology has been enabling banks to undergo rapid transformation without changing the underlying legacy systems.”

According to an Inc42 report, fintech SaaS is expected to become a $13 Bn market opportunity by 2025, growing at a three-year CAGR of 40%. With the rise of techs such as big data, AI and machine learning within banking, API-based banking, embedded finance and open finance are set to gain momentum soon.