India’s Decentro, the Y Combinator-backed startup that helps firms enter the fintech market by deploying its APIs, has raised $4.7 million in a Sequence A spherical.
The Bengaluru-based startup presents banking and funds APIs that enable growth of fintech merchandise akin to banking, cost playing cards, neobanking and collections and payout companies in a brief time period. Decentro has partnered with scores of business gamers together with Axis Financial institution, ICICI Financial institution, Kotak Mahindra Financial institution, Sure Financial institution, Visa, RuPay, Quickwork, Equifax, Aadhaar and Nationwide Securities Depository Restricted (NSDL) to supply options for pay as you go cost devices, no-code workflows, conversational banking through WhatsApp and allow doc verification and KYC course of.
“At any time when a fintech startup or an organization desires to launch a brand new product available in the market, it takes them a minimal of some months to launch. And it purely has to do with the financial institution processes, the way in which the financial institution runs the method, in addition to the tech of the financial institution. It’s not so nice. That’s primarily the issue we’re fixing,” stated Rohit Taneja, co-founder and CEO, Decentro, in an interview with TechCrunch.
Taneja, who has beforehand co-founded social funds platform Mypoolin, which was acquired by Cupertino-based monetary companies firm Wibmo, and spent eight years within the fintech market, co-founded Decentro with Pratik Daukhane in 2020 — after personally dealing with all the issues he desires to handle. He considers Cashfree and PineLabs-owned Setu among the many key opponents for the startup however believes that it’s differentiating with “solution-driven enterprise buyer base” and “superior” product expertise.
The startup has already amassed over 250 prospects in commerce and fintech sectors. A few of these embody Freo, Cellular Premier League, FamPay, CreditWise, Uni Playing cards and BharatX.
Decentro, which has a headcount of over 40 individuals, presents merchandise to let firms create digital, enterprise and escrow accounts, allow funds and supply lending. The obtainable merchandise adjust to all the most recent rules within the nation, the startup stated.
The Sequence A spherical of Decentro is led by Rapyd Ventures, the enterprise arm of the UK fintech-as-a-service big, together with participation from Leonis VC and Uncorrelated Ventures. Indian angel traders together with 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 additionally participated within the funding spherical.
Taneja informed TechCrunch that the startup goals to make the most of the contemporary funding to go deeper into its partnership with banks and enter classes together with massive enterprises. It additionally plans to accumulate licenses and launch in Singapore to develop past India ultimately.
“Constructing their innovation layer in India first provides Decentro an amazing base to construct scalable improvements that may be expanded as different rising markets modernize their very own infrastructure. We’re excited to help Decentro as they scale and develop,” stated Joel Yarbrough, MD of Rapyd Ventures and Rapyd’s VP of Asia Pacific, in a ready assertion.
Earlier than the most recent funding spherical, Decentro had raised a complete of $1.7 million in seed and angel rounds. The seed spherical, which closed in October 2020, included investments from Y Combinator and FundersClub.
Since then, the startup claims its valuation has elevated by 3.3X and revenues have grown by greater than 35X. Taneja, nonetheless, didn’t reveal any specifics in regards to the valuation.
Dcentro’s API transactional volumes have additionally been rising by 50 to 70% each quarter since early 2021, with a mean of 70 million annualized API transactions recorded over the past 12 months, it stated. The startup can also be worthwhile, the co-founder stated.