Signzy Technologies, which offers no code, artificial intelligence (AI)-based banking solutions, has raised $5.4 million from venture capital firm Arkam Ventures and fintech major Mastercard.
Returning investors Kalaari Capital and Stellaris Venture Partners also participated in the round, the Bengaluru-based startup said in a statement.
The Signzy platform helps financial services companies automate their backend decision making processes by utilising real time pre-built application program interfaces (APIs). While the company’s no-code platform Nebula builds the solution, Signzy utilises its marketplace of over 240 APIs to put together the most apt solution for a specific firm.
Signzy said it will use the fresh funds to strengthen its research capabilities and boost global sales, which has witnessed a sharp pandemic-induced surge. It currently has a product development team of over 120 people in Bengaluru, with offices in New York and Dubai.
“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,” Ankit Ratan, co-founder of Signzy, said. He founded the startup in 2015 with Ankur Pandey and Arpit Ratan.
The development comes a little over a week after Mastercard announced the global rollout of a Signzy-backed video KYC solution.
The firm caters to a global clientele of over 100 banking and fintech institutions, including India’s four largest banks. Its other Indian clients include Aditya Birla Sunlife AMC and BoB Financial.
As per data on VCCEdge, the firm’s last known fundraise was in January 2019, when Contrarian Drishti Partners infused an undisclosed amount in the firm. It also raised $600,000 in May 2018, followed by a $3.6 million Series A round from Kalaari Capital and Stellaris Venture Partners.
“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,” Bala Srinivasa, managing director of Arkam Ventures, said.
Formerly Unitary Helion, Arkam Ventures is an early stage technology fund launched by Srinivasa in May 2017. It announced the first close of its debut fund, which has a corpus target of $92.5 million, in June.