Fintech SaaS Startup Signzy from Bengaluru has raised INR 210 Cr ($26 Mn) in a fundraising round that was led by Gaja Capital. The investment round included participation from the existing investor’s Vertex Ventures and Arkam Ventures.
With the incoming money, Signzy intends to enhance its no-code workflow digitalization platform and products in order to collaborate with international banking solutions providers.
Ankit Ratan, Ankur Pandey, and Arpit Ratan founded Signzy in 2015 to offer banks and NBFCs digital onboarding solutions. Additionally, it offers integration with the Account Aggregator network of the government.
The startup’s fintech APIs let banks and NBFCs digitize procedures for a variety of use cases, including payments, banking, lending, insurance, and investing. Signzy has created tools to help banks and NBFCs go paperless wherever possible, despite the fact that its core product is tied to KYC.
In addition, its platform enables banks and NBFCs to increase lead generation, decrease customer dropout rates, gain access to user data, and evaluate the risks associated with a new user. The business states that it has so far applied for eight US patents and nine Indian patents. Early this year, Signzy was granted a US patent for banking in the metaverse.
The CEO of Signzy, Ankit Ratan, stated that “As financial services firms begin their journeys toward digital transformation, Signzy has witnessed a significant uptake in the use of their no-code offering. The approach has been created from the bottom up to enable banks and financial services companies to launch and provide fintech-like user experiences in a matter of days, not months or years”.
Ratan noted that the additional funding will support Signzy’s long-term goals by assisting with product development and driving adoption.