India-based digital banking infrastructure enabler Signzy has raised Rs 210 crore ($26 million) from Gaja Capital and its existing investors, Vertex Ventures and Arkam Ventures, in its latest funding round, according to an announcement.
With the fresh funding, the fintech SaaS company will enhance its ‘No-code Workflow Digitalization’ platform and solutions, as it targets greater adoption of its platform by a global banking and financial services clientele.
Founded in 2015 by Ankit Ratan, Arpit Ratan and Ankur Pandey, Signzy helps financial services automate risk and compliance processes.
The company claims that it is enabling 10 million+ end customer and business onboardings every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. Its award-winning and patented No-code AI platform, GO, is seeing significantly accelerated adoption, as banks and financial services providers across global markets accelerate their digital transformation journeys.
“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,” said Ankit Ratan, CEO of Signzy.
In 2020, the Bengaluru-based company raised $5.4 million in a fresh funding round from Arkam Ventures and Mastercard. Existing investors Kalaari Capital and Stellaris Venture Partners also participated in the current round.
“The team at Signzy has really impressed us with their No-code digitalization platform for the financial services industry, which we believe is the first of its kind anywhere in the world and solves real pain points for their customers. Their technology has been enabling banks to undergo rapid transformation without changing the underlying legacy systems,” said Gopal Jain, managing partner, Gaja Capital.
Gaja Capital is India’s growth stage, private equity firm, investing in technology and technology-enabled companies in high-growth sectors such as education, financial services, consumer, healthcare and software.
Its recent investments include LeadSquared, India’s leading high-velocity sales execution software, and Xpressbees, India’s e-commerce fulfilment company.