Syntizen gets backing from Mastercard and ACPL for Aadhaar-based digital ID product
Digital identity provider Syntizen Technologies has received pre-Series A funding from Mastercard and ACPL to strengthen its Aadhaar-based product offering and expand aggressively in India and internationally, The Economic Times reports.
Synitzen says it plans to enhance its digital identity check core product offerings, boost its talent acquisition and upgrade its customer onboarding platform. The company’s client base is so far made up primarily of Indian non-bank financial companies, including fintech, house financing, and stock brokerage businesses.
“This partnership will help us penetrate much faster in digital identity solutions business as well as the global market.” Explains Syntizen Technologies Co-founder and CEO Vamsi Kotte. “It is a win-win relationship for everyone. The go-to-market for client acquisition will become easier with it.”
The company was founded in 2014, and provides a proprietary Aadhaar-based solution for digital identity checks by regulated businesses and state governments in India.
“Mastercard’s investment in Syntizen is part of the organization’s commitment to foster India’s startup ecosystem and the fintech revolution, through both partnerships and capital infusion,” comments Mastercard South Asia Senor Vice President of Market Development Rajeev Kumar.
Aadhaar’s use for government programs continues to expand, with GST refunds the latest service to be tied to the biometric system. Private sector uses, however, continues to lag, pending the passage of legislation to clarify the rules of its use.