Vertex Ventures joins Mastercard and Arkam Ventures as latest investors in Signzy; Expands Latest Round to US$8.4M Signzy plans to invest the funds in building the AI platform for Financial Services
No code AI platform Signzy announced today that it has raised an additional US$ 3M from Vertex Ventures, taking its latest round of fundraising to $8.4M in total.
Signzy announced last month that it raised US$5.4M in a financing round led by Arkam Ventures and Mastercard. Signzy’s existing investors, Kalaari Capital and Stellaris Venture Partners also participated in the round.
Signzy offers a ‘no code AI platform’ that helps financial service companies automate risk and compliance processes. The company plans to invest in strengthening its AI platform and expanding its global sales team in order to serve the rapidly growing demand for its solutions.
The startup’s product team of 120+ people is based in Bangalore and is focused on building an AI platform to cater to the needs of a fast changing global financial services industry.
Piyush Kharbanda, Partner, Vertex Ventures says, “Signzy has built a differentiated expertise in AI within a short period. Signzy team has executed an ambitious global strategy with great success so far. We are thrilled to back this exceptional team as they build the next generation AI platform for financial services.”
Signzy has built a strong global partnership with Mastercard and has launched offices in New York and Dubai to serve its customers in the two key markets of North America and Middle-East respectively. The company now aims to expand its international presence in other markets.
Zahir Khoja, Executive Vice President, Merchant Solutions and Partnerships at Mastercard said, “In a global effort to create a digital first experience for our customers, Mastercard is enabling solutions and partnerships such as Signzy to enable faster growth for acquirers, their payment facilitators, and the businesses we serve today.
Our goal is to support accelerated growth of the acceptance ecosystem by working together with such partners and scaling strong technologies like smart merchant onboarding.”
Ankit Ratan, co-founder of Signzy says, “We are glad to receive such tremendous support from our investors, and their faith and trust in us is a great encouragement for the entire Signzy team to double down on executing the next phase of our growth strategy.”
Originally published at Indian web 2