India’s Decentro, the Y Combinator-backed startup that can help businesses enter the fintech market by deploying its APIs, has raised $4.7 million in a set the round.
The Bengaluru-based startup provides banking and repayments APIs that enable growth of fintech items particularly banking, repayment cards, neobanking and collections and payout solutions in a short span of the time. Decentro has partnered with ratings of industry players including Axis Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, Visa, RuPay, Quickwork, Equifax, Aadhaar and nationwide Securities Depository Limited (NSDL) to provide solutions for prepaid repayment instruments, no-code workflows, conversational banking via WhatsApp and enable document verification and KYC procedure.
“every time a fintech startup or perhaps a business would like to introduce a fresh item available in the market, it will take them no less than a couple of months to introduce. Plus it solely is because of the financial institution procedures, what sort of bank operates the method, plus the technology for the bank. it is not great. That’s simply the issue our company is resolving,” stated Rohit Taneja, co-founder and CEO, Decentro, in a meeting with TechCrunch.
Taneja, who may have formerly co-founded social repayments platform Mypoolin, that has been obtained by Cupertino-based monetary solutions business Wibmo, and invested eight years into the fintech market, co-founded Decentro with Pratik Daukhane in 2020 — after really dealing with most of the dilemmas he would like to deal with. He considers Cashfree and PineLabs-owned Setu on the list of key rivals the startup but thinks it’s differentiating with “solution-driven enterprise client base” and “superior” item experience.
The startup has recently amassed over 250 clients in business and fintech sectors. Some of those consist of Freo, Cellphone Premier League, FamPay, CreditWise, Uni Cards and BharatX.
Decentro, with a headcount of over 40 individuals, provides items to allow businesses create digital, company and escrow records, enable repayments and supply financing. The available items conform to most of the latest laws in the united states, the startup stated.
The Series A round of Decentro is led by Rapyd Ventures, the endeavor supply for the British fintech-as-a-service giant, and involvement from Leonis VC and Uncorrelated Ventures. Indian angel investors including CRED creator Kunal Shah, Groww co-founder and CEO Lalit Keshre, Gupshup co-founder and CEO Beerud Sheth and previous CBO of BharatPe Pratekk Agarwaal additionally took part in the money round.
Taneja told TechCrunch your startup aims to work with the new money to get deeper into its partnership with banking institutions and enter groups including big enterprises. It intends to get licenses and launch in Singapore to grow beyond Asia fundamentally.
“Building their innovation layer in Asia first offers Decentro a fantastic base to create scalable innovations which can be expanded as other appearing areas modernize their very own infrastructure. We’re excited to guide Decentro while they scale and increase,” stated Joel Yarbrough, MD of Rapyd Ventures and Rapyd’s VP of Asia Pacific, in a prepared declaration.
Before the most recent money round, Decentro had raised an overall total of $1.7 million in seed and angel rounds. The seed round, which shut in October 2020, included assets from Y Combinator and FundersClub.
Since then, the startup claims its valuation has increased by 3.3X and profits have become by over 35X. Taneja, but couldn’t expose any particulars concerning the valuation.
Dcentro’s API transactional volumes are also growing by 50 to 70percent every quarter since very early 2021, having an average of 70 million annualized API deals recorded throughout the last year, it stated. The startup normally lucrative, the co-founder stated.