Digital banking infrastructure enabler Signzy has raised $26 million or Rs 210 crore from Gaja Capital and its existing backers: Vertex Ventures and Arkam Ventures. The new round has come for the Bengaluru-based company after a gap of two years.
The company will use proceeds to improve its ‘no-code workflow digitalization’ platform and solutions as it eyes onboard global banking and financial services as clients, it said in a press statement.
Signzy offers a digital onboarding solution for banks, NBFCs and other financial institutions and focuses on making compliance and onboarding processes easy and claims to reduce fraud risk.
With this round, the company has raised $35 million including a $5.4 million round led by Arkam Ventures (formerly Unitary Fund) and Master Card along with the participation of existing backers: Vertex, Kalaari and Stellaris.
While the company didn’t disclose its valuation in this round, it was valued at around Rs 250-270 crore (post-money) in December 2020.
According to Signzy, it has filed eight patents in the US, and nine in India, for its innovations and also received a patent in the US for banking in the metaverse. Besides India, the company has a presence in the US and the Middle East and counts Veri5digital, Hyperverge and Digio as competition.
While Signzy is yet to file its financial statement for FY22, the company’s operating revenue grew 68% to Rs 18.47 crore in FY21. It posted a loss of Rs 1.43 crore during the fiscal year ended March FY21, as per its annual statement with the Registrar of Companies (RoC).
