Signzy raised $5.4 Mn From Arkam, Mastercard To Cater To Fintech KYC Demand
AI-powered fintech company Signzy has raised $5.4 Mn in a funding round led by Arkam Ventures and American financial service company Mastercard. Existing investors Kalaari Capital and Stellaris Venture Partners also participated in the current round.
Signzy will use this funding to strengthen its AI research and global sales to tap into the increased demand it has been witnessing during the pandemic. A part of the funding will also be used to deepen its customer engagement.
Commenting on the same, Ankit Ratan, cofounder of Signzy said, “The ongoing pandemic has not only upended the pace of digitalisation in the financial services space but has also led to increased demand for no-contact solutions. The decisions that used to need years to finalise are now being closed in just a quarter. We have worked hard to keep up with the growing demand.”
Signzy provides digital KYC solutions to over 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.