Signzy will invest the funds in AI research, product enhancement and sales team expansion to address the surge in demand from global and India clients
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| Signzy Founders Pic (L-R) - Arpit Ratan, Ankit Ratan, Ankur Pandey |
Signzy, a 'no code AI platform has raised $5.4M from Arkam Ventures and Mastercard. Signzy's existing investors, Kalaari Capital and Stellaris Venture Partners also participated in the current round.
Signzy, which offers a 'no code AI platform' that helps financial services automate risk and compliance processes, said that it is currently dealing with a massive surge in global demand for its solutions on account of the ongoing Covid-19 pandemic. The startup plans to invest heavily to strengthen its AI research and global sales to tap into the increased demand.
Signzy is a leading AI innovator with three new patents last year and more expected over the next 12 months.
Ankit Ratan, co-founder of Signzy said, "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. 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."
At a time when banks and financial institutions are in need of innovative digital solutions, Signzy is helping them with AI-led digital transformation.
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."
Signzy provides digital KYC solutions to over 100 Indian banks, insurance firms, and asset management companies like Aditya Birla Sunlife AMC, BoB Financial and more. The clients also include four of the largest banks in India, with State Bank of India (SBI) and ICICI Bank among them.
Globally, Signzy has a strong partnership with Mastercard and offices in New York and Dubai to serve customers in the multiple geographies.
Signzy is a 'no code AI platform' for financial services. No matter how complex a workflow or operational complexity is, Signzy is able to completely automate the back-operations decision-making process into a real-time API. This is possible due to a combination of Nebula — a no-code AI model builder and a Fintech API Marketplace of over 240+ APIs.
Today, the startup works with over 100+ banking and financial services globally including the 4 largest banks in India 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. The startup's product team of 120+ people is building a global AI product in Bangalore.
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