Y Combinator-backed Decentro, a banking and payments API infrastructure startup, has raised $4.7 million in a Series A funding round led by Singapore/US-based Rapyd Ventures, Leonis VC from Europe, and California-based Uncorrelated Ventures.
Indian angel investors, including Kunal Shah (Founder, CRED), Lalit Keshre (Co-founder and CEO, Groww), Beerud Sheth (Co-founder and CEO, Gupshup), and Pratekk Agarwaal (Ex CBO at BharatPe), also participated in the round.
The Bengaluru-based fintech startup will utilise the funds to scale-up hiring across its business, product, tech, and operations team. It also aims to expand its customer base to larger enterprise platforms and new categories of financial institutions across India.
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.”
Founded in 2020 by Rohit Taneja and Pratik Daudkhane, Decentro’s platform helps companies stitch their banking, payments, and fintech workflows in a matter of a few days.
According to the startup, its valuation has jumped by 3.3X, and its revenue by over 35X since its seed funding round closed in October 2020. The API platform has registered exponential growth, clocking an average of 70 million of annualised API transactions over the last 12 months.
The company has built bank account-centric products, including account issuance and linking, which have helped lenders comply with all the latest regulations, including the recent Digital Lending Guidelines, by the Reserve Bank of India.
“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,” said Joel Yarbrough, MD of Rapyd Ventures and Rapyd’s VP of Asia Pacific.
The B2B startup counts Freo (also Moneytap), Mobile Premier League, FamPay, Jumbotail, CreditWise Capital, BharatX, Phablecare, Uni Cards, Grip Invest, and Gupshup, among others, as its clients.
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