Bengaluru-based 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.
The ‘no-code AI platform’ by the startup helps financial services automate risk and compliance processes. With the massive surge in global demand for its solution amid the Covid-19 pandemic, the startup is helping banks and financial institutions with AI-led digital transformation.
Signzy aims to will invest the funds in AI research, product enhancement and sales team expansion to address the surge in demand from global and India clients.
“The ongoing pandemic has not only upended the pace of digitalisation in the financial services space but has also led to increased demand for no-contact solutions,” shared Ankit Ratan, co-founder of Signzy.
He further added that this fundraising is a timely boost in their 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,” he said.
Signzy can 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.
“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,” said Bala Srinivasa, Managing Director of Arkam Ventures.
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 multiple geographies.
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