No code AI platform Signzy raises additional $3M from Vertex Ventures

No code AI platform Signzy on Wednesday announced that it has raised an additional $3 million from Vertex Ventures, taking its latest round of fundraising to $8.4 million in total.

The company announced last month that it had raised $5.4 million 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.

“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,” said Ankit Ratan, Co-founder of Signzy.

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 expand its global sales team to serve the rapidly growing demand for its solutions. The startup’s product team of 120+ people is based in Bengaluru and is focused on building an AI platform to cater to the needs of a fast-changing global financial services industry.

“Signzy has built 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,” added Piyush Kharbanda, Partner, Vertex Ventures.

Signzy has built a 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 the accelerated growth of the acceptance ecosystem by working together with such partners and scaling strong technologies like smart merchant onboarding.”

Today, Signzy works with over 140 banking and financial services companies globally, including the four largest banks in India and three acquiring banks in the US.

Source: Yourstory