Indian digital banking infrastructure provider Signzy has raised INR2.1bn ($26m) in funding from Gaja Capital, a growth-stage private equity firm.
The round was also joined by existing investors including Vertex Ventures, Arkam Ventures, Mastercard, Kalaari Capital and Stellaris Venture Partners, Moneycontrol reported.
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Signzy plans to use the proceeds to enhance its ‘No-code Workflow Digitalisation’ platform and solutions, DealStreetAsia reported.
The fintech SaaS company is targeting greater adoption of its services by global banking and financial services clients.
Founded by Ankit Ratan, Arpit Ratan and Ankur Pandey in 2015, the fintech’s services are aimed at helping clients automate risk and compliance processes.
Signzy CEO Ankit Ratan said: “We are also thrilled that Gaja Capital has come on board in support of our vision, as we remain committed to providing world-class digital transformation experiences to a growing number of clients around the world.
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By GlobalData“This investment will help us to drive adoption and build the product further to support this long-term vision.”
Gaja Capital managing partner Gopal Jain said: “The team at Signzy has really impressed us with their No-code digitalization platform for the financial services industry, which we believe is the first of its kind anywhere in the world and solves real pain points for their customers.
“Their technology has been enabling banks to undergo rapid transformation without changing the underlying legacy systems.” In 2020, the Bengaluru-based firm raised $5.4m from Arkam Ventures and Mastercard.
