Leading digital banking infrastructure enabler Signzy today said that it had raised INR 210 Crore (US$26 Million) from Gaja Capital and its existing investors, Vertex Ventures and Arkam Ventures, in its latest funding round.
The Bengaluru-based Fintech SaaS startup further stated that it would use the additional funds to improve its “No-code Workflow Digitalization” platform and solutions in order to increase platform acceptance across a global clientele of banking and financial services institutions.
Ankit Ratan, Ankur Pandey, and Arpit Ratan started Signzy in 2015. The business claimed that as banks and financial service providers around the world quicken their digital transformation journeys, adoption of its award-winning and patented No-code AI platform, GO, is significantly accelerating.’
“The financial services industry is undergoing a massive and 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 start on their once-in-a-lifetime digital transformation journey. The solution has been developed from the ground up to allow banks and financial services providers to roll out and offer fintech-like user experiences in a matter of days, not months or years. We are also thrilled that Gaja Capital has come on board in support of our vision, as we remain committed to providing world-class digital transformation experiences to a growing number of clients around the world. This investment will help us to drive adoption and build the product further to support this long-term vision.”
Ankit Ratan, CEO of Signzy.
For its ideas, Signzy has so far applied for eight US patents and nine Indian patents. Earlier this year, the business was awarded a US patent for banking in the metaverse. At the just-completed Global Fintech Fest in Mumbai, which was put on by the National Payments Corporation of India (NPCI), the Payment Council of India (PCI), and the Fintech Convergence Council, the company took home the Best KYC Solution award (FCC).
“The team at Signzy has really impressed us with their No-code digitalization 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 their customers. Their technology has been enabling banks to undergo rapid transformation without changing the underlying legacy systems. Ankit, Arpit and Ankur have built a truly unique and world-class product out of India and we are glad to partner with them as they work towards greater market penetration and adoption of their platform in markets around the world.”
Gopal Jain, Managing Partner, Gaja Capital.
The International Financial Services Centers Authority (IFSCA) recently awarded Signzy an Authorization Certificate as its FinTech partner for a unified KYC Solution and digital client onboarding infrastructure. At the most recent launches of the National Stock Exchange International Financial Service Centre (IFSCA Official) SGX Connect & the India International Bullion Exchange IFSC Ltd., the company’s Global Digital Identity and Onboarding Platform were highlighted in the presence of Indian Prime Minister Shri Narendra Modi.
Signzy has received numerous honors recently for its technological advancements, including the Most Innovative RegTech Solution Award from the IAMAI, the ICT Startup Awards from ASSOCHAM, and the Technoviti Award 2020 for Video KYC, among others. Signzy has already received honors from regulatory organizations like the RBI and MAS Singapore.