Signzy, an AI powered RPA platform for financial services has announced that it has raised $5.4 million in funding from Arkam Ventures and Mastercard, according to the media reports. Existing investors Kalaari Capital and Stellaris Venture Partners also participated in the funding round.
The artificial intelligence platform will use the current financing to strengthen its AI research and global sales to tap into the increased demand, it said.
Founded in 2015 by Ankit Ratan, Ankur Pandey and Arpit Ratan, Signzy offers a ‘no code AI platform’ that helps financial services automate risk and compliance processes. Today the company works with over 90+ FIs globally including the 4 largest banks in India and a Top 3 acquiring Bank in US.
“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. 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,” said Ankit Ratan, co-founder of Signzy.
Commenting on the funding, 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.”
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, including State Bank of India (SBI) and ICICI Bank.
Recently, Signzy announced a partnership with Mastercard for a global rollout of its video KYC framework.
–AN
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.