Digital onboarding solution Signzy has reportedly received a $5.4m investment to bolster its research into AI technology.
The investment was led by MasterCard and Arkam Ventures, with support also coming from previous Signzy backers Kalaari Capital and Stellaris Ventures, according to a report from Economic Times.
With the funds, the RegTech startup hopes to increase its research and development and boost global sales after increased demand, it said.
Signzy offers an AI-powered digital onboarding solution. The video KYC solution uses document reading, facial recognition and multiple financial dataset integrations to reduce risks of fraud.
Mastercard recently announced it had formed a strategic partnership with Signzy to provide its customers with paperless, remote and secure onboarding. The partnership was also part of MasterCard’s financial inclusion plans, it said.
Mastercard senior vice president, market development, South Asia Rajeev Kumar said, “Mastercard’s partnership with Signzy will shorten the traditional clunky, time consuming and expensive KYC process for financial institutions. Signzy’s AI and ML has well-established links to many KYC databases in India which allows seamless support for e-KYC and Video-KYC.
“Therefore, the platform also solves the problem of many SME’s in India who may not have all the KYC documents. With V-KYC, SME’s can now complete their contactless KYC process remotely at their convenience from their homes and shops.”
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