Singzy (1), the Beglaru-based ‘no-code AI platforms’ announced that it had secured fresh funding rounds worth 5.4 million USD from Akram Ventures and Mastercards. Kalaari Capital and Stellaris Venture Partners, its existing investors, also participated in the current fundraising.
As per the company statement, Singzy would use the fresh funds to strengthen its AI research, ramping up its products and sales team to address the high demand from clients in India and worldwide.
Three IIT graduates and serial entrepreneurs, Ankit Ratan, Ankur Pandey, and Arpit Ratan, founded Singzy in 2015. The startups aim to help financial services to automate risk and compliance processes. The company claims to get massive demands from the globe for its solution, given the ongoing pandemic situation.
Singzy to Scale-Up its AI Capabilities with Fresh Tranche
Commenting on the latest fundings, the Co-founder of Singzy, Ankit Ratan, stated that the ongoing pandemic had accelerated digitalization in the financial sector. Moreover, it has also increased the demand for no-contact solutions. He also emphasized that the decisions that needed years to finalize are now getting closed in a quarter.
Ankit further added that the team had worked hard to keep up with the growing demand. The latest fundraising is a timely boost to enhance our AI capabilities and tap the ever-increasing market opportunity. Notably, the firm would use fresh tranche to deepen its customer engagement.
Bala Srinivasa, the MD of Arkam Ventures, stated that Some of the largest financial service providers and banks across India and the world are adopting the Singzy solutions because of its cutting-edge technology and value proposition. The team is excited to support this exceptional firm as they expand their product portfolio and accelerate global expansion.
The startup offers digital KYC solutions to more than 100 banking and financial services across the globe. Singzy also provides its solutions to India’s four largest banks and top 3 banks in the USA, including SBI, State Bank of India, and ICICI Bank, among others. Moreover, the company also has a strong tie with Mastercards and has offices located in New York and Dubai to serve its clients in the locations.