Signzy raises $5.4M to expand biometric video KYC platform capabilities, global reach
Signzy has raised $5.4 million in a funding round led by Arkam Ventures and Mastercard to help scale its biometric video authentication platform and reach a widening global market, according to a company announcement.
Existing investors Kalaari Capital and Stellaris Venture Partners also participated in the funding round, which the company plans to use to boost the capabilities of its ‘no code AI platform’ and deepen its customer engagement.
The platform helps financial services companies automate remote risk and compliance processes, for which demand has spiked during the pandemic. In response, Signzy plans to conduct further AI research and expand its sales team.
A recent partnership with Mastercard to offer Signzy’s video KYC service globally seems to have set the stage for the current funding round, and the company already provides digital KYC solutions to more than 100 companies in India’s BFSI sector. The same service may soon be made available to the country’s microlenders to meet compliance requirements.
“The ongoing pandemic has not only upended the pace of digitalization in the financial services space but has also led to increased demand for no-contact solutions,” observes Signzy Co-founder Ankit Ratan. “The decisions that used to need years to finalize are now being closed in just a quarter. We have worked hard to keep up with the growing demand.”
The company also says it was granted three new patents last year, and expects to receive more over the next 12 months.
“It’s been amazing to see Signzy’s evolution into a word class risk and compliance management provider in a short period of time,” states Arkam Ventures Managing Director Bala Srinivasa. “Some of the largest and most demanding banks and financial services in India and globally have adopted the Signzy solution due to its cutting-edge technology and measurable value proposition. We are delighted to support this exceptional team as they broaden their product portfolio and accelerate global expansion.”