Bengaluru-based digital banking infrastructure provider Signzy has raised Rs 210 crore (approx $26 million) in funding led by Gaja Capital, with participation from existing backers Vertex Ventures and Arkam Ventures.
In October 2020, the fintech startup raised $5.4 million from Arkam Ventures and American financial company Mastercard. It intends to use the raised capital to strengthen its existing product line and drive the adoption of its platform across banking and financial services clients.
Signzy was founded in 2015 by IIT graduates Ankit Ratan, Ankur Pandey, and Arpit Ratan. the startup helps financial institutions and banks with multi-channel onboarding and automates back-office operations through artificial intelligence (AI).
Its no-code platform 'Go' provides access to an aggregated marketplace of over 240 application programming interface (APIs), helping financial institutions with operations such as video/e-KYC, credit checks, loan collections, and asset authentication.
The financial services industry is undergoing a massive and multi-year digital transformation and we have only seen the tip of the iceberg so far. Signzy has seen strong adoption of its no-code product by financial services companies as they start on their once-in-a-lifetime digital transformation journey,” said Ankit Ratan.
“The solution has been developed from the ground up to allow banks and financial services providers to roll out and offer fintech-like user experiences in a matter of days, not months or years. We are also thrilled that Gaja Capital has come on board in support of our vision," Ankit said.
The startup said it currently assists its clients with over 10 million customers and works with over 240 financial institutions globally, including India's top banks such as State Bank of India, ICICI Bank, and BoB Financial.
Speaking on the investment, Gopal Jain, Managing Partner at Gaja Capital, said, “The team at Signzy has really impressed us with their no-code digitalisation platform for the financial services industry, which we believe is the first-of-its-kind anywhere in the world and solves real pain points for their customers. Their technology has been enabling banks to undergo rapid transformation without changing the underlying legacy systems.”
Signzy said it has also filed eight patents in the US and nine in India so far. Earlier this year, It received a US patent for banking in the metaverse.
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