A ‘no code AI platform Signzy has announced that it raised $5.4M from Arkam Ventures and Mastercard. Signzy’s existing investors, Kalaari Capital and Stellaris Venture Partners were a part of the fundraise in the current round.
Signzy, which offers a ‘no code AI platform’ assists financial services automate risk and compliance processes, stated that it is currently handling massive surge in global demand for its solutions due to Covid-19 pandemic. The start-up is planning to make heavy investments for strengthening its AI research and global sales to tap into the increased demand.
Ankit Ratan, co-founder of Signzy said, “The ongoing pandemic has not only upended the pace of digitalization in the financial services space but has also led to increased demand for no-contact solutions. The decisions that used to need years to finalize 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, “It’s been amazing to see Signzy’s evolution into a word class risk and compliance management provider in a short period of time. 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 also offers digital KYC solutions to more than 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.