Signzy Technologies Ltd., a trust platform servicing financial services sector globally, has raised a Series A round of $3.6 million led by Stellaris Venture Partners and Kalaari Capital. The round also saw participation of some prominent angel investors like Rajan Anandan (Google India+SEA MD), Dilip Khandwelwal (SAP Labs India MD), Amrish Rau (PayU India CEO) and Vikram Chachra (Partner 8i Ventures). Signzy is building trust protocols for the future digital world. Making compliance and onboarding processes digital and seamless, in a way that reduces fraud risk. Thus providing Trust as a service, to make users happy and businesses safe. Company plans to invest the raised funds in the technology stack and expansion to the overseas markets, in addition to deepening its existing relationships.
“A Bank today uses the centuries old trust mechanism of paper, seals and human checks for KYC, opening accounts or giving loans. But when you give loan to a friend, there is no KYC or paperwork, because you trust them. At Signzy we are digitising this trust and delivering “trust as a service”. This is even more important today as old methods are costly, time consuming and more importantly not fit for a digital world. As world transitions to Web 3.0, we are building a new trust protocol that uses Artificial Intelligence to bring human like fraud detection capabilities and uses Blockchain to secure document and consent, instead of signature and seals. All this with a few clicks of your mobile camera. This provides a financial consumer experience that is frictionless, secure and compliant,” said CEO and Co-founder Ankit explaining the current focus of the company.
Vikram Chachra, an early believer in Signzy recounts that he became a convert after his first meeting with the founders. ‘Signzy replaced an onerous KYC process into a magical experience that is easy as taking selfies. I have no doubt that it will become a key enabler of India’s shift from a services led market to an intelligence based network.”
Signzy is today working with 50+ financial institutions in India across banks, asset management companies, NBFCs, insurance companies, wallets and payment service providers. Some of the prominent players that Signzy has partnered with include large banks like SBI and ICICI, as well as new age players like PayU and Mswipe.
“We believe there is a huge opportunity in this space in India as well as globally. Penetration of digital technologies globally and rising customer expectations is forcing financial institutions to re-think their processes for scale and compliance. Signzy technology can provide trust solutions not just within onboarding but can be extended to trust solutions across many other transactional processes within financial services. Founders are repeat entrepreneurs and complement each other well with their skillset and have proven their capability with the strong traction in the market,” shared Alok Goyal, Partner, Stellaris Venture Partner, who will be joining the board as part of the transaction.
“Singzy’s impeccable track record of providing continuous value to a wide array of companies is a testament to the product-first thinking exhibited by the team. We believe the company is well positioned for growth due to the increasing push towards digital adoption by Indian enterprises and the team’s ability to enable pilots on a global stage,” added Rajesh Raju, Managing Director at Kalaari Capital.
Kstart, the seed fund of the Kalaari Capital platform was the first institutional investor in the company back in December 2016, while the company was still at an idea stage. “Kstart felt that the combination of skills and experience of the founders made for the ideal team to deliver on the large vision of the company – to provide trust solutions based on superior technology, thereby solving a vast, age old problem that lacked innovative solutions” said Revant Bhate, Partner at Kstart.