AI powered fintech firm Signzy announced on Tuesday that it has raised $5.4 million in a fresh round of funding from Arkam Ventures and Mastercard. The Bangalore based company’s existing investors Kalaari Capital and Stellaris Venture Partners who had led a $3.6 million series A round in November 2018 also participated in the current round.

Signzy intends to utilize the fresh infusion of capital to strengthen its AI research, product enhancement, and sales team expansion to address the growing global and domestic demand.

Founded in 2015 by technocrats Ankit Ratan, Ankur Pandey, and Arpit Ratan, a corporate lawyer, Signzy builds digital on-boarding solutions for financial institutions such as banks, NBFCs, mutual funds, P2P lending platforms, payment wallets etc. The company leverages a combination of AI and blockchain in order to ensure convenient yet secure digital compliance.

Signzy counts names such as ICICI Bank, SBI, Edelweiss, Sodexo, Aditya Birla Financial Solutions as its customers. The company has experienced a growth in demand owing to the ongoing pandemic and the resultant need for contactless solutions. “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. The decisions that used to need years to finalise are now being closed in just a quarter,” said Ankit Ratan, Co-founder of Signzy said.

Speaking about the investment, Bala Srinivasa, Managing Director, Arkam Ventures, said, “Some of the largest and most demanding banks and financial services in India and globally have adopted the Signzy solution due to its cutting-edge technology and measurable value proposition. We are delighted to support this exceptional team as they broaden their product portfolio and accelerate global expansion.”