Fintech startup Signzy raises $26 million in Series B
Leading digital banking infrastructure enabler Signzy today said it had raised INR 210 Crore (US$26 million) from Gaja Capital and its existing investors, Vertex Ventures and Arkam Ventures, in its latest round of funding.
The Bengaluru-based Fintech SaaS company added that it would use the fresh capital to enhance its ‘No-code Workflow Digitization’ platform and solutions as it targets greater adoption of its platform by a global banking and financial clientele.
Signzy was founded in 2015 by Ankit Ratan, Ankur Pandey and Arpit Ratan. The company said its award-winning and patented No-code AI platform, GO, is seeing significantly accelerated adoption, as banks and financial services providers across global markets accelerate their digital transformation journeys.
Ankit Ratan, CEO of Signzy says: “The financial industry is undergoing a massive 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 embark on their once-in-a-lifetime digital transformation journey. The solution is designed from the ground up to allow banks and financial service providers to roll out and offer fintech-like user experiences within days, not months or years. We are also thrilled that Gaja Capital has come on board to support our vision as we remain committed to providing world-class digital transformation experiences to a growing number of clients worldwide. This investment will help us drive adoption and build the product further to support this long-term vision.”
Gopal Jain, Managing Partner, Gaja Capital says, “The team at Signzy has really impressed us with their No-code digitization 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 its clients. Their technology has enabled banks to undergo rapid transformation without changing the underlying legacy systems.Ankit, Arpit and Ankur have built a truly unique world-class product out of India and we are delighted to partner with them as they work towards greater market penetration and adoption of their platform in markets worldwide.”
Signzy has filed eight patents so far in the US, and nine in India, for its innovations. The company also received a US patent for banking in the metaverse earlier this year. The company won the Best KYC Solution award at the recently concluded Global Fintech Fest in Mumbai, organized by National Payments Corporation of India (NPCI), Payment Council of India (PCI) and Fintech Convergence Council (FCC).
Signzy was also recently granted a certificate of authorization by the International Financial Services Centers Authority (IFSCA) as its FinTech partner for unified KYC solution and digital infrastructure for customer onboarding. The company’s Global Digital Identity and Onboarding Platform was showcased in the presence of Indian Prime Minister Shri Narendra Modi at the recent launch of National Stock Exchange International Financial Service Center (IFSCA Official) SGX Connect and India International Bullion Exchange IFSC Ltd.
Signzy has won many awards in recent times for its technological innovations, some of which are IAMAI’s Most Innovative RegTech Solution Award, ASSOCHAM’s ICT Startup Awards, Technoviti Award 2020 for Video KYC, among others. In the past, Signzy has also won awards from regulatory bodies such as RBI and MAS Singapore.
