Syntizen raises Pre-Series A funding from Mastercard and ACPL1 week ago Saritha Keshamoni
Envisions to strengthen product offerings and aggressive expansion in India and global markets
Syntizen Technologies, a leading digital identity solutions provider in India, has recently raised an undisclosed amount from global payments technology company Mastercard and biometric solutions provider ACPL in its Pre-Series A Funding round. Syntizen envisions to strengthen its product offerings and drive aggressive expansion in India and across the world.
The latest round of funding will enable Syntizen to gain further momentum in the market and catalyze adoption of its business solutions. This will be done by reinforcement of its core product offerings for digital identity check, talent acquisition, and further enhancement of electronic customer onboarding platform.
Syntizen Technologies was founded in 2014 by three young entrepreneurs, Siddharth Kukatlapalli, Vamsi Kotte, and Dinesh Desu and is a leading Software-as-a-Service (SAAS) startup. It offers digital identity solutions to regulated organisations and state governments in India by leveraging its proprietary Aadhaar-based solution.
Speaking on the announcement, Ajay Sinha, MD, ACPL said, “The new-age startup Syntizen works on Aadhaar-based digital identification solutions. We believe that teamwork, at its best, generates a synergy that can be very productive, something which turns out to be a forte of Syntizen. This is the reason we have become partners in growth with the tech-driven platform. They have already executed and deployed some of the exemplary solutions such as the one in Telangana, and there is a wide scope of business to tap the prevailing market opportunity. We have our complete faith in this immensely professional, talented and focused team at Syntizen.”
Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard added, “Mastercard’s investment in Syntizen is part of the organization’s commitment to foster India’s startup ecosystem and the fintech revolution, through both partnerships and capital infusion. Syntizen has exhibited a unique ability to develop meaningful technology solutions from its industry knowledge and on-ground initiatives. Mastercard is proud to help Syntizen scale up and achieve success in the market.”
Syntizen’s existing client portfolio includes major Indian NBFCs such as ‘Muthoot Fincorp’ and ‘Manappuram Finance’, HFCs (Housing Finance Companies) such as ‘Shriram Housing’ and ‘India Shelters’, and stock brokerage firms such as ‘Motilal Oswal’ and ‘Angel Broking’. The identity solutions provider’s services are also leveraged by the respective governments of Telangana and Uttar Pradesh.
“Syntizen has achieved a great milestone with the investments from Mastercard and ACPL. It has added to our energy at Syntizen and has motivated us to work even harder to achieve all short-term and long-term goals of Syntizen. Building a great team, increasing our client base, entering new domains, and being identified as the go-to Digital Identity Provider in India are some of the primary objectives that we are eyeing with this relationship,” said Siddharth Kukatlapalli, co-founder & CBO of Syntizen Technologies.
Syntizen’s solutions have helped its clients in introducing several industry firsts including ‘3 Minute Gold Loans’ and ‘Trade in an Hour’ services. Currently, the platform is also saving about Rs 85 crore annually for its state government clientele. Syntizen also offers a digital affiliation solution, which allows any institution (school/college) to get affiliation digitally from any university. The solution has been implemented at Jawaharlal Nehru Technological University, Hyderabad, making affiliations seamless for the institute.
Vamsi Kotte, co-founder & CEO of Syntizen, noted, “We are extremely happy to be funded by Mastercard and ACPL. This partnership will help us penetrate much faster in digital identity solutions business as well as the global market. Our simple and secure digital identity check process helps companies to validate and verify a customer instantly for service delivery. On the other side, our Time- & Attendance-based subsidy management systems enable governments to save crores of rupees every year. With this partnership, we envision to add more value to this platform, its solutions, and above all, our clientele’s processes.”
“This partnership is a win-win relationship for everyone. The go-to-market for client acquisition will become easier with it. We would like to give our heartfelt thanks to T-Hub for their never-ending support, mentorship, market connections and encouragement,” he added.