The digital identity startup Syntizen Technologies has completed a successful Pre-Series A funding round, receiving an undisclosed amount of money from Mastercard and ACPL, a biometric solutions provider. Syntizen is based in Hyderabad, India, and plans to use the funds to improve its products and fuel its domestic and global expansion.
“Mastercard’s investment is part of the organisation’s commitment to foster India’s startup ecosystem and the fintech revolution, through partnerships and capital infusion,” said Mastercard South Asia Market Development SVP Rajeev Kumar. “Syntizen has exhibited a unique ability to develop meaningful technology solutions from its industry knowledge and on-ground initiatives.”
Syntizen’s proprietary solution currently provides digital identity checks and customer onboarding, with a particular focus on state governments and other organizations within the Aadhaar system, India’s biometric national ID program. The company’s existing roster of clients includes financial services providers, housing finance companies, and stock brokerage firms. Syntizen itself estimates that its platform saves its state government clientele 850 million rupees every year.
It’s unclear how Syntizen’s technology would work globally once it moves beyond its current Aadhaar context, but there are still plenty of opportunities for growth in India. The government has been crafting new Aadhaar legislation geared towards the country’s private sector, and the Aadhaar payment system has now cleared 200 million financial transactions.
Source: The Times of India
September 20, 2019 – by Eric Weiss