Fintech Startup Signzy Raises $5.4 Mn to Enhance AI Research
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No code AI platform Signzy has raised USD 5.4 million in a fresh funding round led by from Arkam Ventures and Mastercard.
The funding round also saw participation from Signzy’s existing investors, Kalaari Capital and Stellaris Venture Partners.
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.
The company said in a statement 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.
The Bengaluru-based company said it will deploy the fresh funds AI research, product enhancement and sales team expansion to address the surge in demand from global and India clients.
“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.
Signzy claims to provide digital KYC solutions to over 100 banks, which includes the four largest banks in the country, insurance companies and asset management companies.
Commenting on the deal, Bala Srinivasa, Managing Director of Arkam Ventures said, “It's been amazing to see Signzy’s evolution into a word 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.”