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Signzy acquires 8i funded Difenz to advance AI compliance solutions

By Gloria Mathias

February 21, 2024

  • Artificial Intelligence
  • Bangalore
  • Compliance
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Signzy, Difenz, Digital Banking Solutions, Artificial Intelligence, KYC, Compliance, Financial Istitutions, RiskTech, RegTech, Financial Fraud Management, India, Bangalore, Fintech News, Fintech News India, Fintech Solutions, Global Fintech News,

Signzy, a digital banking infrastructure provider, has acquired Difenz, a fraud risk management solutions provider, in a cash and equity deal at a valuation of $5 million.

This allows Signzy, a RegTech company, to provide advanced risk and compliance solutions to financial institutions. The acquisition also gives an exit to 8i Ventures, the existing investor in Difenz.

Signzy will now provide seamless AI-led KYC compliance solutions to the financial institutions (FIs) thereby eradicating redundancy across frameworks. This will also enable Signzy to provide advanced AML Screening, Transaction Monitoring, Effective Chargeback Management and Compliance Management Systems to help organisations adhere to regulatory requirements, detect and prevent digital frauds and help protect business reputation.

Mr. Ankit Ratan, CEO & Co-founder at Signzy, said, “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. Difenz’s product is plug and play, we experienced it first-hand when one of our common customers was able to go live within just 2 weeks on their transaction monitoring tool. For anyone who understands Monitoring this is unimaginable speed.  Their system had run on 4 mn transactions a day without breaking a sweat, which again impressed us. We saw clear synergies in taking a joint offering to the market. Madhu and Siva are those rare compliance people who are trained to be risk averse but still took the risk to start a venture, making them a rare find in the ecosystem. We couldn’t have wished for a better team to lead this offering.”

Difenz is headquartered in Bangalore and helps financial institutions with Compliance Solutions – Risk Categorization, Transaction Monitoring, AML checks, Chargeback Solutions and Compliance Management Systems. The solutions will empower FIs to monitor risks across all fronts in real time while maintaining compliance with multiple regulatory frameworks.

Madhu Srinivas, Co-founder at Difenz, said, “Signzy holds a prominent position in the financial institutions ecosystem, and through this collaboration, Difenz will expand its reach to a broader market segment. This partnership aims to enhance clientele experience by facilitating end-to-end customer journey management, enabling clients to concentrate on their core business activities.”

 

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