Bangalore-based AI-fintech startup Signzy raises $5.4 million (or about Rs 39 crore) during a funding round led by the Arkam Ventures (early-stage technology venture fund) and American financial company Mastercard.
- Signzy may be a Bangalore-based AI-powered RPA platform for financial services.
- With this investment, The startup has raised over $9.6 million during a total of 4 funding rounds.
- Signzy will use these capital funds to strengthen its AI development & research and global sales.
Other existing investors, including Kalaari Capital and Stellaris Venture Partners, also participated within the current funding round.
With this investment, Signzy has raised over $9.6 million (or about Rs 70 crore) during a total of 4 funding rounds.
In May 2018, The startup first raised $600K in its venture round from Kstart and Kalaari Capital. Following In November 2018, the startup raised $3.6 million in its Series A funding round from Stellaris Venture Partners, Amrish Rau, Dilipkumar Khandelwal, Rajan Anandan, and existing investor Kalaari Capital.
The startup last raised an undisclosed amount of funding from GenNext Ventures and Contrarian Drishti Partners in January 2019.
According to the reports, Signzy will use these capital funds to strengthen its AI research & development, product enhancement, and sales team expansion to deal with the surge in demand from global and domestic clients. along side this, The startup will put these funds to deepen its engagement with the purchasers .
“The ongoing pandemic has not only upended the pace of digitalization within the financial services space but has also led to increased demand for no-contact solutions. the choices that wont to need years to finalize are now being closed just 1 / 4 ,” said Ankit Ratan (Co-founder of Signzy).
According to the reports, With this investment, New investors Arkam Ventures and MasterCard acquired 5.37% and 1.36% stake during this funding round.
“It’s been amazing to ascertain Signzy’s evolution into a world-class risk and compliance management provider during a short period of your time ,” said Bala Srinivasa, director of Arkam Ventures.
“We are delighted to support this exceptional team as they broaden their product portfolio and accelerate global expansion,” he added.
Last week, Signzy partnered with Mastercard to roll out e-KYC to enable a totally paperless, remote, and secure onboarding solution for its banking customers.
Besides within the Indian market, Signzy also offers its services within the global markets like the us and therefore the Middle East countries. Its notable clients include the state bank of India, ICICI Bank, Aditya Birla Sunlife AMC, and BoB Financial.
According to the report by ModorIntellegence, the worldwide AI-fintech market is predicted to succeed in $22.60 billion (or about Rs 1.66 lakh crore) by the year 2025. Alongside, The market experts expect to witness a CAGR (Compound annual growth rate) of 23.37% from (2020-2025).
About Signzy- Signzy may be a Bangalore-based AI-powered fintech startup founded in 2015 by IIT graduates Ankit Ratan, Ankur Pandey, and Arpit Ratan. Signzy provides video/e-KYC solutions to its clients, including 100+ banks, institutional firms, insurance firms, and asset management companies.