Signzy has acquired Difenz at a valuation of $5 million. The acquisition also gives an exit to the existing investor 8i Ventures, according to a release.
The transaction is a cash and equity deal, the release said.
“Signzy will now provide seamless AI-led KYC compliance solutions to the Financial Institutions (FIs) thereby eradicating redundancy across frameworks,” it said.
The deal will enable Signzy to provide advanced Anti-Money Laundering (AML) 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.
Based in Bengaluru, Difenz was founded by Madhu Srinivas and Sivaram Jayaraman in 2020.
