A no code AI platform, Signzy, today announced that it raised USD 5.4 million (about Rs. 39.8 crore). It’s led by Arkram Ventures and Mastercard.

The existing investors of Signzy – Kalaari Capital and Stellaris Venture Partners took part in the current round, as said in the statement released

Signzy offers no code AI platform, which helps financial services automate risk and compliance processes. It said that presently it is eyeing on a massive surge as the global demand for its solutions because of the present COVID-19 pandemic.

Signzy plans to invest heavily for strengthening the Artificial Intelligence (AI) research and global sales for tapping into the increased demand.

Signzy’s co-founder, Ankit Ratan said, “The ongoing pandemic has not only upended the pace of digitalisation in the financial services space but has also led to increased demand for no-contact solutions, and the decisions that used to need years to finalise are now being closed in just a quarter.”

He further stated, "We have worked hard to keep up with the growing demand. This fundraise is a timely boost in our efforts to scale up our AI capabilities and to tap an ever-widening global market opportunity. We'll also be using these funds to deepen our customer engagement.”

Presently Signzy is providing digital KYC (Know Your Customer) solutions to 100+ Indian banks, insurance firms, and asset management companies like Aditya Birla Sunlife AMC, BoB Financial, and clients in State Bank of India (SBI) and ICICI Bank.

In the international arena, Signzy has a strong partnership with Mastercard and offices in New York, and Dubai for serving customers in the multiple geographies.