Signzy bags $26M from Gaja Capital

Signzy, digital banking infrastructure provider has announced raising Rs 210 crore (around $26 million) from Gaja Capitaland returning investors, Vertex Venturesand Arkam Ventures, in its latest round of funding.

The company had last raised $8.4 million in a staggered Series A round in 2020 from Vertex Ventures, Arkam Ventures, Mastercard, Kalaari Capital and Stellaris Venture Partners.

Signzy in a statement said that it will utilise the capital from the current round to enhance its No-Code Workflow Digitalisation platform and solutions for adoption by global banks and financial services providers.

The company was founded in 2015 by Ankit Ratan, Ankur Pandey and Arpit Ratan. It offers API solutions to banks and financial institutions for digital onboarding of customers in real-time. It offers over 240 APIs across financial service use cases. The company’s Artificial Intelligence (AI)-led No-Code platform, GO, helps its customers accelerate digital transformation.

Ankit Ratan, CEO of Signzy, said, “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. 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.”

Signzy claims to work with nearly 250 financial institutions globally, including four largest banks in India, top three acquiring banks in the US as well as in partnership with Microsoft and Mastercard. The company has also filed eight patents in the US and nine in India so far. Earlier this year, the company received a US patent for banking in the metaverse.