Bengaluru based Signzy has raised fresh round of funding worth $5.4 Mn from Arkam Ventures and Mastercard. The funding round also saw a participation from existing investors – Kalaari Capital and Stellaris Venture Partners.
‘No code AI platform’ – Signzy was founded in 2015 by IIT graduates and serial entrepreneurs Ankit Ratan, Ankur Pandey, and Arpit Ratan. It helps financial services automate risk and compliance processes.
Given the ongoing COVID-19 pandemic, it claims to deal with a massive surge in global demand for its solutions. The startup provides digital KYC solutions to over 100+ banking and financial services globally, along with the four largest banks in India, including State Bank of India (SBI) and ICICI Bank among them, 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 these geographies.
Ankit Ratan, Co-founder of Signzy said, “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. The decisions that used to need years to finalise 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.”
Bala Srinivasa, Managing Director of Arkam Ventures, said, “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 will be using the fresh fundings raised for the purpose of strengthening its AI research, product enhancement and the expansion of sales team to address the surge in demand from Indian as well as global clients.
The AI platform market size is expected to grow from USD 2.12 Billion in 2016 to USD 9.88 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 30.5%. The base year considered for this study is 2016, and the forecast period considered is between 2017 and 2022.