Difenz acquired by digital banking infrastructure Signzy at $5 M valuation
Signzy, a provider of digital banking infrastructure, has paid $5 million in cash and equity to acquire Bengaluru-based Difenz, a provider of fraud risk management solutions.
Signzy claims that the acquisition will enable it to improve its AI performance. Financial institutions can now avail Know Your Customer (KYC) compliance solutions driven by artificial intelligence (AI) from the startup.
Furthermore, the acquisition would enable Signzy to offer services like transaction monitoring and sophisticated anti-money laundering (AML) screening to its clientele.
The Difenz co-founders have been appointed as partners at Signzy subsequent to the acquisition. Additionally, 8i Ventures, an early-stage venture capital firm, was given an exit through the acquisition. Around Rs 4.5 crore were invested by the venture capital firm in Difenz’s seed funding round in 2021.
Difenz, a full-stack financial risk management (FRM) platform for transaction monitoring, was founded in 2020 by Sivaram Jayaraman and Madhu Srinivas. It can be integrated with various payment methods, including cards, POS, payment gateways, core banking systems, and wallets.
Through its no-code platform, Signzy offers digital onboarding solutions to banks and NBFCs. The startup lists State Bank of India, Axis Bank, and IndusInd Bank among its clients and states that it works with over 240 financial institutions.
Gaja Capital led Signzy’s Series B round, which raised $26 million. With the support of investors like Vertex Ventures and Arkam Ventures, it has raised over $37 million in total to date.
