Fintech startup raises $5.4M led by Arkam Ventures and Mastercard
Signzy, headquartered in Bengaluru, raised $5.4 million in the latest funding round. Fund will be used to boost research into AI, quality improvement, and sales team expansion. The start-up offers digital KYC applications for more than 100 banking and financial services across the globe, with a top 3 acquiring bank in the U.S. Globally, in order to represent its clients in these areas, Signzy has a significant relationship with Mastercard.
To meet the increase in the demand from global and Indian consumers, Signzy uses the fresh fund to boost research into AI, quality improvement, and sales team expansion.
Signzy, headquartered in Bengaluru, has revealed on Tuesday that the latest Arkam Projects and Mastercard collecting $5.4 million. The new round was also attended by its established backers – Kalaari Capital and Stellaris Investment Partners. According to the company release, to counter the increase in global customers and Indians' demands, Signzy would use the new funds to further their AI research, product improvements, and sales team expansion. Signzy was created by Ankit Ratan, Ankur Pandey, and Arpit Ratan, graduates of IIT and serial entrepreneurs in 2015, and supports financial services in automating processes of risk and enforcement. Given the current COVID-19 pandemic, it says that the global market for its solutions is rising significantly.
Ankit Ratan, the Signzy co-founder, spoke about the development: "The current pandemic, not only improved the speed of financial services digitalization but has also raised the demand for non-contact solutions. In only a quarter the decisions made, which used to take years to complete, "he states." We were hard at work to keep up with increasing demand. This fundraiser is an opportunity to improve our IA expertise and take advantage of a rapidly expanding global business opportunity. We would also use this money to improve our loyalty to our customers, "Ankit said. Commenting on this investment, the Managing Director of Arkam Projects, Bala Srinivasa, said, "Signzy's technical advancement and the observable value proposal have allowed some of India's largest and most challenging banks and financial services worldwide. This excellent team is really positive as the product range is extended and global growth intensified.
In addition to four major banks in India, including State Bank of India ( SBI) and ICI CBI, the start-up offers digital KYC applications for more than 100 banking and financial services across the globe, with a top 3 acquiring bank in the United States. Globally, in order to represent its clients in these areas, Signzy has a significant relationship with Mastercard and offices in New York and Dubai.