According to Signzy, the acquisition will help it to strengthen its AI strategy. The startup will now be able to offer AI-powered Know Your Customer (KYC) compliance solutions to banking institutions.
Furthermore, the acquisition would allow Signzy to provide its clients comprehensive anti-money laundering (AML) screening and transaction tracking.
Following the acquisition, Difenz’s co-founders have been designated as Signzy partners. The transaction also enabled an exit for 8i Ventures, an early-stage venture capital firm. In 2021, the VC firm made an investment of roughly Rs 4.5 crore in Difenz’s seed round.
Sivaram Jayaraman and Madhu Srinivas founded Difenz in 2020. The company provides a full-stack financial risk management (FRM) platform for transaction monitoring that can be integrated with any sort of payment, including cards, POS, payment gateways, core banking systems, and wallets.
Signzy’s no-code platform offers digital onboarding solutions to banks and non-bank financial institutions. The business claims to cooperate with over 240 financial institutions, with customers including State Bank of India, Axis Bank, and IndusInd Bank.
Signzy raised $26 million in its Series B financing, anchored by Gaja Capital. To date, it has raised more than $37 million from investors including Vertex Ventures and Arkam Ventures.
