Signzy Raises $26M Series B to Expand Fintech SaaS Offering for Banks and Financial Institutions

Signzy, a provider of SaaS-based end-to-end digitization solutions for traditional banking and financial institutions, has announced a new Series B round of $26 million. The fintech SaaS company saw Gaja Capital and its existing investors Vertex Ventures and Arkam Ventures participating in the round. It would use this fresh capital to improve its “codeless workflow digitization” platform.

End-to-end consumer engagement in traditional institutions such as banks and financial services lags far behind what modern financial technology can offer. In fact, the gap has been such that several “fintech” startups have sprung up across the country, whose core offering is simply a more intuitive and modern customer experience and design overlaid on top of traditional banking. Some of these layers include new, better designed credit cards, fintech programs with better spending tracking, etc.

With its fintech SaaS offering, Signzy aims to help banks and financial institutions transform the consumer experience to better compete with the new age of fintech. Banks are essentially the backbone of all services offered by even fintechs, but consumer experiences like KYC etc. have helped fintechs bypass banks. Signzy’s offering could change that.

“The financial services industry is undergoing a massive and multi-year digital transformation, and so far we are only seeing the tip of the iceberg. Signzy’s No-code product has begun to be actively adopted by financial services companies as they embark on their extraordinary journey to digital transformation. The solution was designed from the ground up to enable banks and financial service providers to deploy and offer fintech-like user experiences in days, not months or years,” says Signzy Founder and CEO Ankit Ratan.

The fintech upstart provides a no-code AI-powered workflow digitization platform called “GO” that helps financial institutions deliver a seamless end-to-end experience for their consumers. At the heart of GO is the fact that it is a code-free platform, helping customers to access more than 240 individual banking APIs and seamlessly integrate them with their existing digital infrastructure.

These APIs cover core banking services such as lending, credit checks, verification of alternative consumer data points, income and employment verification, and ancillary services such as KYC, contracting, asset authentication, fraud prevention, etc.

Signzy has registered eight patents in the US and nine in India for its innovations. Earlier this year, the company was also granted a US patent for banking in the metaverse.