As part of the deal, Alok Goyal, Partner at Stellaris Venture Partners, will be joining the board of Signzy.
The funds raised will be used to boost technology stack, broaden product portfolio, and expand globally.
Signzy was founded by IIT Delhi alumnus Ankit Ratan, IIT Kharagpur alumnus Ankur Pandey, and Arpit Ratan in 2015. The startup offers digital onboarding solutions using AI and blockchain for banks, NBFC’s and other financial institutions.
Signzy’s proprietary technology platform simplifies KYC process, runs background checks on customers, detects frauds, mitigates risks, provides contract management systems, helping the firms decrease their operational revenues.
Earlier in May 2018, Signzy raised $600,000 in a round led by Kstart, a seed funding initiative by Kalaari Capital.
In August 2018, it was reported that Signzy was among the ten startups shortlisted for Google Launchpad Accelerator programme in India.
Alok Goyal, Partner at Stellaris Venture Partners, said, “Signzy technology can provide trust solutions not just within onboarding but can be extended to trust solutions across many other transactional processes within financial services. The founders are repeat entrepreneurs and complement each other well with their skill set and have proven their capability with the strong traction in the market.”