Mastercard this week signaled its interest in the growing “no-code/low-code” development trend when its investment arm backed a no-code AI platform provider based in Bengaluru, India. Signzy’s technology enables banks to automate risk and compliance processes. The company raised $5.4 million in the round, which was led by Mastercard and Arkam Ventures.
According to the announcement, Signzy is currently experiencing a surge in demand as financial institutions and other companies turn to automation in the wake of disruptions caused by the global Covid-19 pandemic. No-code software enables businesspeople to build automations without requiring help from IT developers who may be in short supply.
Specifically, Signzy’s platform automates onboarding processes that include ID verification, background checks, credit checks, forgery detection and more. The investment builds on a prior relationship with Mastercard.