Signzy Raises $3 Mn Funding From Vertex Ventures The platform plans to invest the funds in building an AI-based platform for Financial Services
By Prabhjeet Bhatla •
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Bengaluru-based no-code artificial intelligence (AI) platform Signzy announced it has raised an additional $3 million from Vertex Ventures, taking its latest round of fundraising to $8.4 million in total.
The company earlier announced that it raised $5.4 million in a financing round led by Arkam Ventures and Mastercard. Its existing investors Kalaari Capital and Stellaris Venture Partners also participated in the round.
"Signzy has built differentiated expertise in AI within a short period. Signzy team has executed an ambitious global strategy with great success so far. We are thrilled to back this exceptional team as they build the next generation AI platform for financial services," said Piyush Kharbanda, partner, Vertex Ventures.
The platform offers a "no-code AI platform' that helps financial service companies automate risk and compliance processes. The company plans to invest in strengthening its AI platform and expanding its global sales team in order to serve the rapidly growing demand for its solutions.
"In a global effort to create a digital-first experience for our customers, Mastercard is enabling solutions and partnerships such as Signzy to enable faster growth for acquirers, their payment facilitators, and the businesses we serve today. Our goal is to support the accelerated growth of the acceptance ecosystem by working together with such partners and scaling strong technologies like smart merchant onboarding," commented Zahir Khoja, executive vice-president of merchant solutions and partnerships, Mastercard.
The AI company has built a strong global partnership with Mastercard and has launched offices in New York and Dubai to serve its customers in the two key markets of North America and the Middle-East respectively. The company now aims to expand its international presence in other markets.
"We are glad to receive such tremendous support from our investors, and their faith and trust in us is a great encouragement for the entire Signzy team to double down on executing the next phase of our growth strategy," added Ankit Ratan, co-founder, Signzy.
