Signzy, no code AI platform raises $5.4mn led by Arkam Ventures, Mastercard

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Signzy, a no code AI platform, on Wednesday said it has raised USD 5.4 million (about Rs 39.8 crore) led by Arkam Ventures and Mastercard.

Signzy's existing investors, Kalaari Capital and Stellaris Venture Partners also participated in the current round, a statement said.

Signzy, which offers a 'no code AI platform' that helps financial services automate risk and compliance processes, said it is currently seeing a massive surge in global demand for its solutions on account of the ongoing COVID-19 pandemic.

The startup plans to invest heavily to strengthen its Artificial intelligence (AI) research and global sales to tap into the increased demand, the statement 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, and the decisions that used to need years to finalise are now being closed in just a quarter, Signzy co-founder Ankit Ratan said.

"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," he added.

Signzy provides digital KYC (Know Your Customer) 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.

Globally, Signzy has a strong partnership with Mastercard and offices in New York and Dubai to serve customers in the multiple geographies.