EP42: RegTech & Moving on from Blockchain {Ankit of Signzy}

Stars & Startups

EP42: {Ankit Ratan, Co-Founder of Signzy}

Regulation is probably one of the key pillars of banking. Sometimes it does become an excuse for being the thing that ails the experience. All that is changing now with the emergence of Reg-Tech. The use of Video KYC, Aadhar authentication layer, digital lockers & the India Stack is enabling a lot of that change. One of those companies that is quietly enabling the BFSI sector is Signzy.

Ankit, a silver medalist from IIT Delhi (2011), had worked in New York deploying fraud analytics solutions at Citi Bank and Metlife. In 2013, started an analytics company that worked with large private banks in detecting fraud, in India before founding Signzy along with Ankur Pandey, and brother Arpit Ratan.
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Signzy currently offers a digital on-boarding solution for banks, NBFCs and other financial institutions, enabling them to go digital. Signzy solves for the poor consumer experiences in managing regulatory compliance by handling workflows. Their no-code AI model builder and Fintech API Marketplace of over 200+ APIs have enabled them to verify more than 3M documents per day without compromising on quality & security. Over 90+ FIs globally including the 4 largest banks in India and a Top 3 acquiring Bank in US trust Signzy.

Signzy has raised funds from Stellaris Venture Partners and Kalaari Capital. Angel investors like Rajan Anandan, Amrish Rau, Dilip Khandelwal, and Vikram Chachra..

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- V (@varunvummidi)

Timeline:

01:00 - Identifying the problem statement

04:45 - Educating and working with Bankers

07:27 - Stopped using the word Blockchain

10:21 - Working with BFSI on problems that they are not building for themselves

12:29 - What is Signzy today?

16:24 - Involvement of the Regulator & supporting clients with legal interpretations

19:03 - Advantages of having a Lawyer as a Sales co-founder in RegTech

23:30 - Change helps RegTech players

26:05 - Understanding when to "build" Product?

30:39 - Being part of Accelerators (K-Start, Google Launchpad & Mastercard StartPath)

41:36 - Selling to Global clients from India

46:05 - Business Model of Signzy

47:23 - On Premise vs Cloud for FIs

51:00 - Growth