[Funding alert] Fintech startup Signzy raises $5.4M led by Arkam Ventures and Mastercard

Signzy will use the fresh fund to strengthen its AI research, product enhancement and sales team expansion to address the surge in demand from global and India clients.

Bengaluru-based 'no code AI platform' Signzy on Tuesday announced that it had raised fresh round of $5.4 million from Arkam Ventures and Mastercard. Its existing investors — Kalaari Capital and Stellaris Venture Partners — also participated in the current round.

According to the company statement, Signzy will use the fresh funds to strengthen its AI research, product enhancement, and sales team expansion to address the surge in demand from global and India clients.

Founded in 2015 by IIT graduates and serial entrepreneurs Ankit Ratan, Ankur Pandey, and Arpit Ratan, Signzy helps financial services automate risk and compliance processes. Given the ongoing COVID-19 pandemic, it claims to deal with a massive surge in global demand for its solutions.

Signzy Co-Founders: Ankur Pandey (L), Ankit Ratan and Arpit Ratan Image Source: Pune Mirror

Speaking about the development, Ankit Ratan, Co-founder of Signzy said, “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. This fundraise is a timely boost in our efforts to scale up our AI capabilities and to tap an ever-widening global market opportunity. We'll also be using these funds to deepen our customer engagement,” added Ankit.

Commenting on the investment, Bala Srinivasa, Managing Director of Arkam Ventures, said, “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.”

The startup provides digital KYC solutions to over 100+ banking and financial services globally, along with the four largest banks in India, including State Bank of India (SBI) and ICICI Bank among them, and a Top 3 acquiring Bank in the US. Globally, Signzy has a strong partnership with Mastercard and offices in New York and Dubai to serve its customers in the these geographies.

Edited by Kanishk Singh