Ankit Ratan is an IIT Graduate with an expertise in Data Science and App development.Techiexpert Team had an opportunity to talk to Ankit Ratan, Co-founder at Signzy
What is Signzy?and what is that one problem your solving
Signzy is a RegTech startup that offers AI-led digital onboarding and verification and fraud detection solutions for banking and financial institutions.
Customer onboarding in banks is a tedious and mostly a manual process and requires an average of seven days. Signzy, through its AI-based decision engines and back automation office solutions, enables account opening in real-time.
Signzy has developed AI-enabled products that focus on two significant
areas in the BFSI industry, which are costly and time-consuming – the KYC
process and the back-end operations, namely REALKYC, Algorithmic Risk
Intelligence (ARI) and Digital Contracts.
Based on AI, Signzy’s offerings to banks and FIs are more efficient,
accurate and insulated from human frauds.
Background of founders and what’s the
journey behind getting this particular idea.
Ankit Ratan, Ankur Pandey and Arpit Ratan -cofounded Signzy in 2015.
Ankit and Ankur both are IIT graduates and brought the expertise of data
science and app development. Arpit is a corporate lawyer, who brought in the
knowledge of financial regulations and expertise of working with statutory
bodies, to the table.
The idea behind Signzy came from our personal experiences of dealing
with banks as individuals and companies in our previous startups. We noticed
that, while the whole banking was going digital, compliance function within the
banks remained very manual and paper-driven. Banks were spending enormous
resources and time in doing tasks like customer onboarding, back-office
operations, which we felt could be largely automated using AI. We felt this was
a significant problem to be solved within the banking industry, and hence
Signzy was conceptualized.
What’s their USP (unique selling
Signzy’s USP lies in harnessing the power of AI and blockchain to enable
its clients to adapt digitization and offer fully digital experiences to their
users. When Banks, NBFCs, and other financial institutions, partner with us,
they can entirely rely on our solutions for their digital-KYC and back-office
Early days struggle.
Like most entrepreneurs, we too had our share of struggles in the
initial few months of starting up Signzy. During our early days, we were based
in Bengaluru, and most of our customers were in Mumbai. As a result, we had to
travel frequently. Since we were primarily bootstrapped in those days, to save
money, we used to travel by buses and trains. This would take up a lot of our
time, which we would have otherwise given to our families or work. The 24
hour-long journeys would drain us. During those days, we used to survive on
breakfast and dinner at Mumbai local stations since we were mostly low on
surplus money and pressed for time.
Thankfully, we scaled soon, and today we are happy to have overcome the
challenges we faced when we started off.
Signzy received the initial funding from Kstart, a venture of Kalaari
Capital. We last year raised $3.6 million in Series A from Kalaari Capital and
Stellaris Venture Partners.
User base they have achieved till
Since our inception in 2015, we have grown working from one bank to six
large banks, eight NBFCs and over sixty financial institutions in the last two
years. Currently, 80% of our business is in India. 20% of our business comes
from other markets.
New Areas if they are looking to
India will continue to be our primary market, but we are looking at
geographical expansion as well. We closed our first overseas customer early
this year. We aim to have similar large customers both in the country as well
as outside it in the next two years.
We have now started work in some other markets like the Middle East-
Africa. We foresee a significant opportunity for growth in the region.
Signzy’s products are focused and tailored to suit the needs of the
banking and finance industry, which is a large segment, and we plan to remain
focused on it for the near future.
Today if you look in the banking sector, there are 20-30% people in
front end or customer-facing roles and 70-80% in backend operations. Our vision
is to reverse this. To help banks reduce their cost of services and at the same
time give a much better experience to the customers.
However, solving harder and tougher challenges facing the BFSI industry
would always remain our primary goal.