Decentro, a startup for banking integration, on Tuesday said it has raised $4.7 million (around Rs 37.6 crore) as a part of its Series A funding from Rapyd Ventures, Leonis VC and Uncorrelated Ventures.
The round also saw participation from a clutch of angel investors including Kunal Shah (Founder at Cred), Lalit Keshre (Groww), Beerud Sheth (Gupshup) and Pratekk Agarwaal (former BharatPe).
The Bengaluru-based firm plans to use the fresh proceeds to rope in more talents across business, product, technology and operations verticals.
Founded by Rohit Taneja and Pratik Daudkhane in 2020, Decentro enables neo banks, marketplaces and fintech companies to seamlessly integrate and offer banking solutions via its application programming interfaces (APIs).
The startup claims that its volumes have been growing by 50-70% every quarter since early 2021 and has recently seen its monthly revenues exceeding the spends in the past few months.
“This Series A round in the middle of the global funding winter is a vote of confidence for the company as we continue our journey to be the best API platform for banking integrations. We are on a strong growth path in the $200 billion fintech opportunity in India,” said Taneja.
“Decentro is playing a 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 modernize their own infrastructure,” said Joel Yarbrough, managing director and vice president-Asia Pacific, Rapyd Ventures.
Prior to the latest funding, Decentro had raised a total of $1.7 million in seed and angel rounds. The seed round, which ended in October 2020, included investments from Y Combinator and FundersClub.
