Decentro a Y-Combinator-backed startup raises $4.7 million in a Series A funding round led by Rapyd Ventures, the venture arm of the UK fintech-as-a-service giant, with participation from Leonis VC and Uncorrelated Ventures.
Indian angel investors such as 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.
Before this funding round, Decentro also raised $1.7 million in seed and angel rounds.
Founded by Rohit Taneja and Pratik Daudkhane, the Bengaluru-based startup offers banking and payments APIs that allow the development of fintech products such as banking, payment cards, Neobanking and collections and payout services in a short period.
Decentro has partnered with the industry players such as 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 enable document verification and KYC process.
It has already amassed an appealing customer base of over 250 customers from commerce and fintech sectors. Some of those include Freo, Mobile Premier League, FamPay, CreditWise, Uni Cards and BharatX.
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.”
Joel Yarbrough, MD of Rapyd Ventures and Rapyd’s VP of Asia Pacific, said, “Building their innovation layer in India first gives Decentro a great base to build scalable innovations that can be expanded as other emerging markets modernize their own infrastructure. We’re excited to support Decentro as they scale and expand.”