Bengaluru-based Signzy, a fintech startup, raised $26 million in a new round of funding from Gaja Capital and its existing investors, Vertex Ventures and Arkam Ventures. The startup, which provides digital banking infrastructure, also saw participation from Mastercard, Kalaari Capital, and Stellaris Venture Partners in the recent funding round.
After a two-year hiatus, the fintech firm secured its most recent round of funding. The funds will be used to expand the company’s product portfolio to increase the adoption of its platform by global banking and financial services customers.
The International Financial Services Centres Authority (IFSCA) recently granted Signzy an authorization certificate as its fintech partner for unified KYC solutions and customer onboarding digital infrastructure.
“Financial services firms have widely adopted Signzy’s ‘No-code’ product. The solution was built from the ground up to enable banks and financial service providers to roll out and provide fintech-like user experiences in a matter of days,” said Ankit Ratan, CEO of Signzy.
The company filed a slew of patents to disrupt the fintech sector
Ankit Ratan, Ankur Pandey, and Arpit Ratan founded the company in 2015, and its ‘No-code AI platform called GO’ is seeing significantly accelerated adoption among banks and financial services providers.
Signzy has filed eight patents in the United States and nine in India for its innovations. The startup also received a Technoviti Award for its video KYC solution, which digitizes and expedites new customer onboarding in the financial services industry.
Signzy Technologies received a US patent for new customer signup and onboarding using virtual and augmented reality in March of this year. The United States Patent and Trademark Office issued patent number 11270509.
The patented technology allows banking customers to interact with their bank in a virtual reality (VR) model that perfectly replicates a physical bank branch or office. The technology can support various banking services, such as general inquiries, car loans, and home loans.
“Their technology has enabled banks to undergo rapid transformation without changing the underlying legacy systems,” said Gopal Jain, Managing Partner, Gaja Capital.