Signzy Expands Digital Banking Solutions with Acquisition of Difenz at $5 Million Valuation
- ByStartupStory | February 22, 2024
Signzy, the prominent digital banking solutions provider, has successfully acquired Difenz, a Bengaluru-based firm specializing in fraud risk management solutions. The acquisition was finalized through a cash-and-equity deal, valuing Difenz at an impressive $5 million.
Difenz, founded in 2020 by Madhu Srinivas and Sivaram Jayaraman, has been at the forefront of providing compliance solutions to financial institutions. With a focus on innovative products in compliance and fraud risk management, Difenz has carved a niche for itself in an industry traditionally dominated by established players.
The strategic integration of Difenz into Signzy’s ecosystem marks a significant step towards offering state-of-the-art AI-led KYC (know your customer) compliance solutions to financial institutions. Ankit Ratan, CEO & Co-founder of Signzy, expressed enthusiasm about the acquisition, stating, “We are delighted to welcome Difenz to the Signzy family. This will help us provide solutions to our customers that seamlessly integrate with our current KYC onboarding systems.”
The acquisition also brings about a notable exit for early-stage venture capital fund 8i Ventures, which had invested Rs 4.5 crore in a seed round in Difenz. Vikram Chachra, Founding Partner at 8i Ventures, commented on the development, saying, “We invested in Difenz due to our confidence in their innovative product in compliance and fraud risk management, which was rare in an industry dominated by old incumbents.”
Chachra further expressed delight at the collaboration, stating, “We are delighted with Signzy and Difenz joining forces, as Signzy brings a larger client base and provides Difenz with the opportunity to enhance the adoption of their market-leading product by banks across India, the Middle East, and the US.”
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