Digital identity solutions startup Syntizen Technologies has 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 the adoption of its business solutions. The company plans to do so through 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 Siddharth Kukatlapalli, Vamsi Kotte, and Dinesh Desu. It offers digital identity solutions to regulated organisations and state governments in India by leveraging its proprietary Aadhaar-based solution.
âSyntizen 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,â said Siddharth said in a statement.
Syntizenâs existing client portfolio includes major Indian NBFCs such as âMuthoot Fincorpâ and âManappuram Financeâ, HFCs (Housing Finance Companies) such as âShriram Housingâ and âIndia Sheltersâ, and stock brokerage firms such as âMotilal Oswalâ and âAngel Brokingâ. The identity solutions providerâs services are also leveraged by the respective governments of Telangana and Uttar Pradesh.
âMastercardâs investment in Syntizen is part of the organizationâs commitment to foster Indiaâs 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,â Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard said.
Syntizenâs solutions have helped its clients in introducing services such as â3 Minute Gold Loansâ and âTrade in an Hourâ services. Currently, the platform claims to be 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.
Speaking on the investment, 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."
âWith this partnership, we envision to add more value to this platform, its solutions, and above all, our clienteleâs 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,â Vamsi added.