Digital banking infrastructure provider Signzy has raised Rs 210 Crore ($26 million) funding from Gaja Capital and its existing investors Vertex Ventures and Arkam Ventures, the company said in a press note.
Mastercard, Kalaari Capital and Stellaris Venture Partners also took part in the funding round.
The company added that it would use this inflow of fresh capital to enhance its ‘no-code workflow digitisation’ platform and solutions to target greater adoption by global banking and financial services clientele.
Talking about the growth of the financial services industry, Ankit Ratan, CEO of Signzy, said, “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.”
Signzy has filed eight patents so far in the US, and nine in India, for its innovations, the release stated. The startup had also won a Technoviti Award for its video KYC solution, which digitises and fast-tracks new customer onboarding for the financial services industry.
Signzy claims to work with nearly 250 financial institutions globally, including four largest banks in India, top three acquiring banks in the US as well as in partnership with Microsoft and Mastercard. The company has also filed eight patents in the US and nine in India so far. Earlier this year, the company received a US patent for banking in the metaverse.
“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,” said Gopal Jain, Managing Partner of Gaja Capital in the statement.
Signzy competes with global players such as Onfido and Jiffy.ai, apart from Cashfree Payments in India for some of its offerings.
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