Signzy raises $26M to enhance no-code biometric workflow digitalization platform
Signzy has disclosed an INR 210 crore (approximately US$26 million) series B funding round led by Gaja Capital with participation from existing investors Vertex Ventures and Arkam Ventures, along with plans to grow its artificial intelligence and biometrics-powered platform for financial services.
According to a company announcement, the Bengaluru-based startup will use the funds to enhance its ‘no-code workflow digitalization’ platform and solutions, as well as expand its reach toward a global banking and financial services customer base.
From a technical standpoint, Signzy’s platform delivers seamless, end-to-end, and multi-channel biometric onboarding journey capabilities while also offering customizable workflows.
The technology enables companies to access an aggregated marketplace of more than 240 bespoke application programming interfaces (APIs) that can be easily added to workflows with simple widgets.
“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,” Signzy CEO Ankit Ratan says.
“We are also thrilled that Gaja Capital has come on board in support of our vision, as we remain committed to providing world-class digital transformation experiences to a growing number of clients around the world. This investment will help us to drive adoption and build the product further to support this long-term vision.”
According to Gopal Jain, managing partner at Gaja Capital, Signzy’s platform has solved several customer pain points.
“Their technology has been enabling banks to undergo rapid transformation without changing the underlying legacy systems,” he says. “[Signzy] have built a truly unique and world-class product out of India, and we are glad to partner with them as they work towards greater market penetration and adoption of their platform in markets around the world.”
At the time of writing, Signzy has filed nine patents so far in India, and eight in the U.S. In April, the United States Patent and Trademark Office (USPTO) granted the company a patent for new customer signup and onboarding in the metaverse.
Also earlier this year, Signzy won an award at the Sprint03:InsureTech Hackathon for its digital ID solutions in healthcare products.