Signzy Raises $26M to Expand AI-Powered Compliance Platform

Digital banking infrastructure startup Signzy has raised $26 million in a Series B funding round, with the funds helping to grow its platform aimed at helping financial institutions (FIs) automate risk and compliance processes, according to a Monday (Sept. 26) post on its LinkedIn page.

Powered by artificial intelligence (AI), Signzy’s no-code workflow digitalization platform, GO, aims to help banks bring seamless end-to-end experiences to their customers through digital transformation.

Signzy co-founder and CEO Ankit Ratan said on the company’s LinkedIn page that the company was determined and worked hard for seven years to get to the point of providing its services globally and securing a Series B funding round.

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He pointed to how Signzy has grown from a “small startup with some ‘exciting tech’ to an international entity making an indomitable impact. What a ride it has been. Now we can say, we have come a long way but there’s still more to go.”

Signzy has over 10 million monthly onboardings and provides know your customer (KYC) solutions to more than 300 global banks, insurance firms and asset management companies, according to the post.

The funding was led by Gaja Capital with participation from existing investors Vertex Ventures and Arkam Ventures.

Headquartered in Banglore, India, and co-founded in 2015 by Ratan, Chief Technology Officer Ankur Pandey and Chief Business Officer Arpit Ratan, Signzy offers application programming interface (API) solutions to banks and FIs that enable the digital onboarding of customers in real time. It offers over 240 APIs across financial services use cases.

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“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,” Ankit Ratan said in a statement. “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.

“The solution has been developed from the ground up to allow banks and financial services providers to roll out and offer fintech-like user experiences in a matter of days, not months or years.”