[Funding Alert] Fintech SaaS Signzy raises $26 Mn to enhance its product No-Code Capabilities

Funding

Bengaluru-based fintech SaaS startup Signzy has raised INR 210 cr ($26 million) in a funding round led by Gaja Capital. Existing investors Vertex Ventures and Arkam Ventures also participated in the financing round.

The round comes nearly two years after it raised $8.4 million in two separate funding rounds in October and December 2020. In total, the startup has raised $37.76 million in funding since its inception in 2015. 

Signzy plans to use the incoming funding to improve its platform and code workflow digitization solution to partner with global banking solution providers.

Founded in 2015 by Ankit Ratan, Ankur Pandey and Arpit Ratan, Signzy provides digital onboarding solutions for banks and NBFCs. It also provides integration with the Account Aggregator government network.

Ankit Ratan, CEO of Signzy, said, “Signzy has seen strong adoption of its code-free product by financial services companies at the start of their digital transformation journey. The solution was developed from the ground up to enable banks and financial service providers to implement and deliver fintech-like user experiences in days, not months or years.” 

Ratan added that the incoming investment will help Signzy drive adoption and build the product further to support the long-term vision startup.

Gopal Jain, Managing Partner, Gaja Capital, said, “The team at Signzy impressed us with their code-free digitization platform for the financial services industry, which we believe is the first of its kind anywhere in the world and solves real problems. their customers. Their technology enables banks to undergo rapid transformation without changing the underlying legacy systems.”

The startup’s fintech APIs enable banks and NBFCs to digitize processes across use cases including banking, lending, insurance, investment and payments. While Signzy’s core product is related to KYC, it has created products that enable banks and NBFCs to go paperless wherever possible. 

At the same time, its platform enables banks and NBFCs to reduce customer churn, generate more leads, access user insights and assess new user risks. The startup claims to have filed eight patents in the US and nine in India so far. Signzy was awarded a US patent for banking in the metaverse earlier this year.

Fintech SaaS is expected to become a $13 billion market opportunity by 2025, growing at a three-year CAGR of 40%, according to a report. With the advent of technologies such as big data, AI and machine learning in banking, API-based banking, embedded finance and open finance will soon gain momentum.

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