Bangalore, India-based digital banking infrastructure provider Signzy raised USD 26 million (INR 210 crore) in recent funding. The company announced the latest round on September 26, 2022. Gaja Capital led the financing for the firm. Meanwhile, existing investors Vertex Ventures and Arkam Ventures joined in the funding.
Purpose of funding for Signzy
With the latest capital injection, the company has plans to bolster its existing product line.
Signzy further intends to drive the adoption of its platform across banking and financial services clients. It also seeks to enhance its No-Code Workflow Digitalisation platform.
Previously in 2020, the company raised USD 8.4 million in a Series A round. Vertex Ventures, Arkam Ventures, Mastercard, Kalaari Capital and Stellaris Venture Partners participated in the funding back then.
What the co-founder has to say
Ankit Ratan, CEO and co-founder of Signzy, said, “The financial services industry is undergoing a massive and multi-year digital transformation, and we have only seen the tip of the iceberg so far. Signzy has seen strong adoption of its No-code product by financial services companies as they start on their once-in-a-lifetime 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. We are also thrilled that Gaja Capital has come on board in support of our vision.”
What the investor has to say
“The team at Signzy has really impressed us with their No-code digitalization 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,” said Gopal Jain, Managing Partner of Gaja Capital.
About the company
In 2015, Ankit Ratan, Ankur Pandey and Arpit Ratan launched the company. Signzy provides API solutions to banks and financial institutions. It allows them to onboard customers digitally in real-time. Currently, the startup works with 250 financial institutions globally. It enjoys partnerships with the four largest banks in India, the top three acquiring banks in the US, as well as Microsoft and Mastercard. The startup faces competition from global players such as Onfido and Jiffy.ai. So far, the company has filed eight patents in the US and nine in India.
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