AI powered fintech firm Signzy has raised an additional $3 million from Vertex Ventures in an ongoing funding round, taking the total fund raised in the latest round to $8.4 million.

The round also saw participation from Signzy’s existing investors, Kalaari Capital and Stellaris Venture Partners.

The no code AI platform startup had raised $5.4 million from Arkam Ventures, Mastercard, Kalaari Capital and Stellaris Venture Partners last month.

“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.

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.

The startup has worked with the likes of ICICI Bank, SBI, Edelweiss, Sodexo and Aditya Birla Financial Solutions to name a few. The company has experienced a growth in demand owing to the ongoing pandemic and the resultant need for contactless solutions.

“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. We are thrilled to back this exceptional team as they build the next generation AI platform for financial services,” added Piyush Kharbanda, Partner, Vertex Ventures.