Bengaluru-based fintech startup, Signzy, a no-code AI platform has raised US$ 5.4M in a fresh funding round on 23 October 2020. The total funds raised by the startup till now stands at US$ 9.6M.
The fresh funds will be utilized for AI research, product enhancement and sales team expansion to address the surge in demand from global and India clients.
Founded in 2015 by Ankit Ratan, Arpit Ratan and Ankur Pandey, Signzy helps financial institutes completely automate the back-operations decision-making process into a real-time API. It offers a digital onboarding solution for banks, NBFCs and other financial institutions. Most banking services are going digital but one key process that is still offline and hampers consumer experience is regulatory compliance. Signzy, through a combination of Artificial Intelligence and blockchain ensures that digital compliance is convenient but yet secure.
The company claims that it is currently dealing with a massive surge in global demand for its solutions on account of the ongoing Covid-19 pandemic. “The ongoing pandemic has not only upended the pace of digitalization in the financial services space but has also led to increased demand for no-contact solutions. The decisions that used to need years to finalize are now being closed in just a quarter. We have worked hard to keep up with the growing demand,” said co-founder Ankit Ratan.
“This fundraise is a timely boost in our efforts to scale up our AI capabilities and to tap an ever-widening global market opportunity,” said Ankit Ratan. The startup claims that it is providing digital KYC solutions to over 100 banks, which includes the four largest banks in the country, insurance companies and asset management companies.
What Investors have to say
“It’s been amazing to see Signzy’s evolution into a world-class risk and compliance management provider in a short period of time. 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,” said Bala Srinivasa, Managing Director of Arkam Ventures.
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