Kalaari Capital and Stellaris Enterprise Companions additionally participated within the spherical
Signzy will use this funding to strengthen its AI analysis and world gross sales
It had additionally partnered with Mastercard to assist the latter with onboarding on new prospects
Bengaluru-based AI-powered fintech firm Signzy has raised $5.four Mn in a funding spherical led by Arkam Ventures and American monetary service firm Mastercard. Present traders Kalaari Capital and Stellaris Enterprise Companions additionally participated within the present spherical.
Signzy will use this funding to strengthen its AI analysis and world gross sales to faucet into the elevated demand it has been witnessing through the pandemic. Part of the funding will even be used to deepen its buyer engagement.
Commenting on the identical, Ankit Ratan, cofounder of Signzy mentioned, “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.”
Based in 2015 by Ankit Ratan, Ankur Pandey, and Arpit Ratan, Signzy presents a digital onboarding answer for banks, NBFCs, and different monetary establishments. It makes use of AI and blockchain to offer good e-verification and threat prediction and goals to simplify and safe digital regulatory processes. Its functions are in banking, insurance coverage, mutual fund, funds, and cryptocurrency.
Signzy gives digital KYC options to over 100 Indian banks, insurance coverage corporations, and asset administration firms like Aditya Birla Sunlife AMC, BoB Monetary and extra. The purchasers additionally embrace 4 of the biggest banks in India, with State Financial institution of India (SBI) and ICICI Financial institution amongst them.
Final week, it had additionally partnered with Mastercard to assist the latter with onboarding on new prospects utterly paperless and remotely. Final month, BOB Monetary Options Restricted (BFSL), a wholly-owned subsidiary of Financial institution of Baroda, had chosen Signzy for digitizing buyer verification by way of ‘Video KYC’. Even Aditya Birla Solar Life Asset Administration Firm (AMC) has deployed Signzy system to onboard 50,000 new traders through the lockdown.
Signzy has raised almost $10 Mn throughout a number of funding rounds. The corporate had final raised $3.6 Mn within the first tranche of Sequence A funding spherical led by Staellaris and Kalaari Capital in November 2018. The corporate competes with IDfy, Yoti, inVOID, HyperVerge, Helloverify, Syntizen, SignDesk, Veri5Digital, and Karza Applied sciences, amongst others within the Indian market.
IDfy had raised $2.1 Mn (INR 16 Cr) in debt from current traders Millenna FVCI III, NB Ventures and Dream Incubator as part of its Sequence A funding spherical.