AI platform Signzy on Wednesday has raised an additional $3 million from Vertex Ventures, taking its latest round of fundraising to $8.4 million in total.
Just last month, the startup had raised $5.4 million in a financing round led by Arkam Ventures and Mastercard. Existing investors Kalaari Capital and Stellaris Venture Partners also participated in the round.
The company plans to invest in strengthening its AI platform and expanding its global sales. The 120 people strong Bengaluru-based Signzy offers a 'no code AI platform’ that helps financial service companies automate risk and compliance processes.
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Piyush Kharbanda, partner, Vertex Ventures said, "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."
Vertex Ventures is a global network of operator-investors who manage portfolios in the US, China, Israel, India and Southeast Asia.
"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 said it 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, "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."
As of today, Signzy works with over 140 banking and financial services companies globally including the 4 largest banks in India and a top 3 acquiring bank in the US.
(Edited by : Jomy)
First Published: IST