Decentro, a Y Combinator-backed banking and payments API infrastructure startup, has raised $4.7 million in a Series A funding round.
The round was led by Singapore/US-based Rapyd Ventures, Leonis VC from Europe, and California-based Uncorrelated Ventures with participation from Indian angel investors, including Lalit Keshre (Co-founder and CEO, Groww), Kunal Shah (Founder, CRED), Beerud Sheth (Co-founder and CEO, Gupshup), and Pratekk Agarwaal (Ex CBO at BharatPe).
As per the startup, the raised funds will be utilised to scale-up hiring across its business, product, tech, and operations team. The Bengaluru-based B2B fintech startup also aims to expand its customer base to larger enterprise platforms and new categories of financial institutions across India.
Decentro | Automated API Platform
Founded by Rohit Taneja and Pratik Daudkhane in 2020, Decentro is an automated API platform for banking integrations that helps companies stitch their banking, payments, and fintech workflows in a matter of a few days.
Speaking about the development, Rohit Taneja, Founder and CEO of Decentro, said,
“This Series A round in the middle of the global funding winter is a huge vote of confidence for the company… We are on a strong growth path within the $200 billion fintech opportunity in India that today is recognised as a strong hub of innovation and upgradation in the global financial services industry.”
The Bengaluru-based fintech startup has built bank account-centric products, including account issuance and linking, enabling lenders to comply with all the latest regulations, including the recent Digital Lending Guidelines, by the Reserve Bank of India.
Decentro counts CreditWise Capital, Mobile Premier League, Jumbotail, Grip Invest, Freo (also Moneytap), FamPay, BharatX, Phablecare, Uni Cards, and Gupshup, among others, as its clients.
Commenting on the development, Joel Yarbrough, MD of Rapyd Ventures and Rapyd’s VP of Asia Pacific, said,
“Decentro is playing an exciting role in developing new infrastructure to instantly move money, validate user identities, and connect users to bank accounts and credit. Building their innovation layer in India first gives Decentro a great base to build scalable innovations that can be expanded as other emerging markets modernise their own infrastructure.”
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