Decentro, a Bengaluru, India-based fintech-as-a-service startup that helps companies enter the fintech market by deploying its APIs, raised $4.7 million in Series A funding.
The round was led by Rapyd Ventures, the venture arm of the U.K. fintech-as-a-service giant, along with participation from Leonis VC and Uncorrelated Ventures.
Indian angel investors, including CRED founder Kunal Shah, Groww co-founder and CEO Lalit Keshre, Gupshup co-founder and CEO Beerud Sheth, and former CBO of BharatPe Pratekk Agarwaal, also participated in the funding round.
Decentro intends to use the new capital to expand its cooperation with banks and enter new markets, including large corporations. It also wants to get permits and launch in Singapore before finally expanding beyond India.
“Whenever a fintech startup or a company wants to launch a new product in the market, it takes them a minimum of a few months to launch. And it purely has to do with the bank processes, the way the bank runs the process, as well as the tech of the bank. It’s not so great. That’s essentially the problem we are solving,” said Rohit Taneja, co-founder, and CEO of Decentro.
Decentro has over 40 employees, and over 250 customers in the commerce and fintech sectors have already signed up with the business. Some include Freo, Mobile Premier League, FamPay, CreditWise, Uni Cards, and BharatX.
It offers products to let companies create virtual, business, and escrow accounts, enable payments and provide lending.
Company: Decentro Tech Private Limited
Round: Series A
Funding Month: November 2022
Lead Investors: Rapyd Ventures
Additional Investors: Leonis VC, Uncorrelated Ventures, Kunal Shah, Lalit Keshre, Beerud Sheth, and BharatPe Pratekk Agarwaal
Company Website: https://decentro.tech/
Software Category: API Banking Platform for Banking Integrations
About the Company: Founded in 2020 by Rohit Taneja and Pratik Daudkhane, Decentro is a full-stack API banking startup that allows companies to select their modules, integrate with sandbox (banking APIs), and launch products within a few days. It offers banking and payments APIs that allow the development of fintech products such as banking, payment cards, neobanking, collections, and payout services in a short period of time. Decentro has partnered with scores of industry players, including Axis Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, Visa, RuPay, Quickwork, Equifax, Aadhaar, and National Securities Depository Limited (NSDL), to offer solutions for prepaid payment instruments, no-code workflows, conversational banking via WhatsApp, and document verification and KYC processes. Decentro is a Y Combinator-backed startup.