- Signzy is a Bangalore-based AI-powered RPA platform for financial services.
- With this investment, The startup has raised over $9.6 million in a total of 4 funding rounds.
- Signzy will use these capital funds to strengthen its AI development & research and global sales.
Bangalore-based AI-fintech startup Signzy raises $5.4 million (or about Rs 39 crore) in a funding round led by the Arkam Ventures (early-stage technology venture fund) and American financial company Mastercard.
Other existing investors, including Kalaari Capital and Stellaris Venture Partners, also participated in the current funding round.
With this investment, Signzy has raised over $9.6 million (or about Rs 70 crore) in a total of four funding rounds.
In May 2018, The startup first raised $600K in its venture round from Kstart and Kalaari Capital. Following In November 2018, the startup raised $3.6 million in its Series A funding round from Stellaris Venture Partners, Amrish Rau, Dilipkumar Khandelwal, Rajan Anandan, and existing investor Kalaari Capital.
The startup last raised an undisclosed amount of funding from GenNext Ventures and Contrarian Drishti Partners in January 2019.
According to the reports, Signzy will use these capital funds to strengthen its AI research & development, product enhancement, and sales team expansion to address the surge in demand from global and domestic clients. Along with this, The startup will put these funds to deepen its engagement with the customers.
“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,” said Ankit Ratan (Co-founder of Signzy).
According to the reports, With this investment, New investors Arkam Ventures and MasterCard acquired 5.37% and 1.36% stake in this funding round.
“It’s been amazing to see Signzy’s evolution into a world-class risk and compliance management provider in a short period of time,” said Bala Srinivasa, Managing Director of Arkam Ventures.
“We are delighted to support this exceptional team as they broaden their product portfolio and accelerate global expansion,” he added.
Last week, Signzy partnered with Mastercard to roll out e-KYC to enable a completely paperless, remote, and secure onboarding solution for its banking customers.
Besides in the Indian market, Signzy also offers its services in the global markets such as the United States and the Middle East countries. Its notable clients include the State Bank of India, ICICI Bank, Aditya Birla Sunlife AMC, and BoB Financial.
According to the report by ModorIntellegence, The global AI-fintech market is expected to reach $22.60 billion (or about Rs 1.66 lakh crore) by the year 2025. Alongside, The market experts expect to witness a CAGR (Compound annual growth rate) of 23.37% from (2020-2025).
About Signzy- Signzy is a Bangalore-based AI-powered fintech startup founded in 2015 by IIT graduates Ankit Ratan, Ankur Pandey, and Arpit Ratan. Signzy provides video/e-KYC solutions to its clients, including 100+ banks, institutional firms, insurance firms, and asset management companies.