Signzy Acquires Difenz for USD 5 Million | RegTech News
Feb 21, 2024 15:44
Signzy, a digital banking infrastructure provider, has acquired Difenz, a fraud risk management solutions provider, for USD 5 million. The deal positions Signzy as one of the largest RegTech companies in India.
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Feb 21 (PTI) Digital banking infrastructure provider Signzy has acquired Difenz, a fraud risk management solutions provider, in a cash and equity deal at a valuation of USD 5 million (about Rs 41.4 crore).
The acquisition also gives an exit to existing investor 8i Ventures, according to a release.
Announcing Signzy's takeover of 8i-funded Difenz at a valuation of USD 5 million, the release said the deal positions Signzy as one of the largest RegTech (regulatory technology) companies in the country providing advanced risk and compliance solutions to financial institutions.
The transaction is a cash and equity deal, the release said but did not elaborate on details.
"Signzy will now provide seamless AI-led KYC compliance solutions to the financial institutions (FIs) thereby eradicating redundancy across frameworks," it said.
This will also enable Signzy to provide advanced AML (Anti-Money Laundering) screening, transaction monitoring, effective chargeback management and compliance management system to help organisations adhere to regulatory requirements, detect and prevent digital frauds and help protect business reputation.
Early-stage venture capital fund, 8i Ventures, had invested around Rs 4.5 crore in the seed funding round in Difenz and a post money valuation of Rs 19.5 crore.
Bengaluru-headquatered Difenz was founded by Madhu Srinivas and Sivaram Jayaraman in 2020.
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