Signzy is a use of artificial intelligence technology, and digital KYC biological recognition through intelligent block chain contract (know your customer) solutions development company, headquartered in India, Bangalore, the company has announced the completion of a $3 million 600 thousand A round of financing, led Party voted for the Stellaris Venture combined Partners and Kalaari Capital. The Senate voted party including a number of angel investors, general manager of Google India company Rajan Anandan, general manager of India SAP Labs Dilip Khandelwal, PayU India, chief executive of Amrish Rau, and 8i Ventures venture partner Vikram Chachra.
In May this year, the company had announced the completion of a Kstart led a $600 thousand seed round of financing, as of now the total amount of financing has reached $4 million.
Signzy company was founded in 2015 years, three co founders were Indian Institutet of Technology (IIT) and Ankur Ratan Ankit graduated from Pandey, and the lawyer Arpit Ratan, the parent company of Signzy Technologies Pvt. operation Ltd. The company has developed a prototype, designed to achieve digital bank documents and business processes using the block chain technology, such as identity recognition, background investigation, electronic banking policy issue, etc..
In the past twenty years, the banking fraud is increasing, in individual and entity authentication, financial institutions are subject to regulatory constraints more and more and more strict KYC, anti money laundering and anti terrorism norms. From the customer expectations and regulatory perspective, E-KYC, digital customer identification has become a “just to be in the financial industry”.
In fact, banks, digital wallet service providers, and other Financial Services Company have increased investment in KYC infrastructure, to meet the requirements of government regulation. In September this year, the India Supreme Court issued orders to private financial firms must carry out customer authentication, forcing many companies to explore including face recognition technology, KYC solutions.
Signzy company said they currently have 50 and a number of banks, non bank financial companies, Asset Management Co (NBFC), insurance companies, wallet and payment service providers, mutual funds, P2P lending platform reached a partnership, including the National Bank of India (State Bank of India), ICICI Bank, PayU and Mswipe. By providing digital customer identification solutions and customer identity documents, forensic analysis, Signzy allows customers to conduct customer authentication and background checks on their own mobile client, and also supports individuals and small and medium-sized enterprises cross database cross validation.
Thanks to the latest round of financing, Signzy plans to expand its product portfolio, and actively expand overseas business. In addition, they also intend to establish a comprehensive digital trust platform to support a variety of financial services trade. Co founder and CEO Ankit Ratan Signzy said:
“We are building a new trust agreement, the agreement to use artificial intelligence to provide a fraud detection function similar to human, and use the block chain to protect the digital documents and contracts, to replace the traditional offline signature and seal process.”
For this investment, Stellaris Venture Partners venture partner Alok Goyal said, Signzy trust can provide solutions for many of the transaction process of the financial services sector, with the global digital technology penetration and customer expectations, forcing financial institutions to reconsider their compliance processes, but also offers a great opportunity for E-KYC to solve the blockchain startup scheme.