Bengaluru-based fintech platform Signzy has raised Series A funding of $3.6 million led by Stellaris Venture Partners and Kalaari Capital. Angel investors like Rajan Anandan, Google India and South East Asia MD; Amrish Rau, PayU India CEO; Dilip Khandwelwal, SAP Labs India MD and Vikram Chachra, Partner, 8i Ventures participated in this round.
Signzy Technologies, helps banks solve customer authentication and onboarding problems with different technology-based services. The platform focuses on making compliance and onboarding processes digital and seamless, in a way that reduces fraud risk. The team believes that technology enables banks to reduce human interaction with their customers at various levels.
Signzy was founded in 2015 by IIT graduates and serial entrepreneurs Ankit Ratan, Ankur Pandey, and Arpit Ratan, a corporate lawyer. While Ankit and Ankur were well-versed with data sciences, APIs and app development, Arpit brought in the knowledge of financial regulations and the expertise of working with statutory bodies. Signzy developed blockchain and AI-based solutions to digitally identify, verify, and authenticate customers. Its onboarding solution, Real KYC, has now been deployed by more than 45 large clients, including leading banks, NBFCs, mutual funds, P2P lending platforms, payment wallets, and so on.
Ankit says with this round of funding the team intends to invest in technology and build stronger sales efforts across South East Asia and the US. “We have seen great success in processes where we have used AI and Machine Learning, and we want to continue exploring that front,” he says.
Signzy’s proprietary tech platform simplifies the KYC process, runs background checks on customers, detects fraud, mitigates risks, provides contract management systems, and most importantly decreases operational expenditure by 75 percent. It also brings down customer dropouts by 66 percent and increases productivity by three times, according to the company.
Ankit explains that banks today use the centuries old trust mechanism of paper, seals and human checks for KYC for opening accounts or giving loans. “But when you give loan to a friend, there is no KYC or paperwork, because you trust them. At Signzy we are digitising this trust and delivering “trust as a service”, he says.
To Read Our Daily News Updates, Please visit Inventiva or Subscribe Our Newsletter & Push.