TLDR:
- Digital banking infrastructure provider Signzy has acquired Difenz in a cash-and-equity deal at a valuation of $5 million.
- The acquisition gives an exit to early-stage venture capital fund 8i Ventures.
In a recent acquisition, digital banking infrastructure provider Signzy has acquired Bengaluru-based Difenz, a fraud risk management solutions provider, in a cash-and-equity deal at a valuation of $5 million. Founded in 2020 by Madhu Srinivas and Sivaram Jayaraman, Difenz helps financial institutions with compliance solutions. The acquisition allows Signzy to provide AI-led KYC compliance solutions to financial institutions. Ankit Ratan, CEO & cofounder of Signzy, expressed excitement about the acquisition, highlighting the opportunity to seamlessly integrate Difenz’s solutions with Signzy’s existing KYC onboarding systems. The deal also marks an exit for early-stage venture capital fund 8i Ventures, which had invested Rs 4.5 crore in a seed round in Difenz. 8i Ventures primarily focuses on Indian startups and has invested in various companies. According to Vikram Chachra, a founding partner at 8i Ventures, the innovative product in compliance and fraud risk management developed by Difenz was a key factor in their investment decision. The partnership with Signzy is expected to help Difenz enhance the adoption of their product by banks across India, the Middle East, and the US.
