[Funding alert] Digital identity solution startup Syntizen raises Pre-Series A funding from Mastercard and ACPL
The latest round of funding will enable Syntizen to strengthen its product offerings, as well as, drive aggressive expansion in India and across the world.
Digital identity solutions provider Syntizen Technologies, on Tuesday said that it has raised an undisclosed amount from global payments behemoth Mastercard and biometric solutions provider ACPL, as part of its Pre-Series A funding round.
The latest round of funding will enable Syntizen to strengthen its product offerings, as well as, drive aggressive expansion in India and across the world. It will also help catalyse adoption of its business solutions.
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In a statement, the startup said that this will be done by reinforcement of its core product offerings for digital identity check, talent acquisition, and further enhancement of electronic customer on-boarding platform.
Founded in 2014, Software-as-a-Service (SAAS) startup Syntizen Technologies, was started by three young entrepreneurs, Siddharth Kukatlapalli, Vamsi Kotte, and Dinesh Desu. It offers digital identity solutions to regulated organisations and state governments in India by leveraging its proprietary Aadhaar-based solution.
Speaking on the fundraise, Vamsi Kotte, Co-founder and CEO, Syntizen, said,
“We are extremely happy to be funded by Mastercard and ACPL. This partnership will help us penetrate much faster in digital identity solutions business as well as the global market. Our simple and secure digital identity check process helps companies to validate and verify a customer instantly for service delivery. On the other side, our time and attendance-based subsidy management systems enable governments to save crores of rupees every year. With this partnership, we envision to add more value to this platform, its solutions, and above all, our clientele’s processes.”
Syntizen’s existing client portfolio includes major Indian NBFCs such as Muthoot Fincorp and Manappuram Finance, HFCs (housing finance companies) such as Shriram Housing and India Shelters, and stock brokerage firms Motilal Oswal and Angel Broking. The identity solutions provider’s services are also leveraged by the governments of Telangana and Uttar Pradesh.
Speaking on the announcement, Ajay Sinha, MD, ACPL said,
"We believe that teamwork, at its best, generates a synergy that can be very productive, something which turns out to be a forte of Syntizen. This is the reason we have become partners in growth with the tech-driven platform. They have already executed and deployed some of the exemplary solutions, such as the one in Telangana, and there is a wide scope of business to tap the prevailing market opportunity. We have our complete faith in this immensely professional, talented and focused team at Syntizen."
Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard, added,
“Mastercard’s investment in Syntizen is part of the organisation’s commitment to foster India’s startup ecosystem and the fintech revolution, through both partnerships and capital infusion. Syntizen has exhibited a unique ability to develop meaningful technology solutions from its industry knowledge and on-ground initiatives. Mastercard is proud to help Syntizen scale up and achieve success in the market."
Currently, the platform is also saving about Rs 85 crore annually for its state government clientele. Syntizen also offers a digital affiliation solution, which allows any institution (school or college) to get affiliation digitally from any university.
The solution has been implemented at Jawaharlal Nehru Technological University, Hyderabad, making affiliations seamless for the institute.
(Edited by Suman Singh)
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.