Angel investors Kunal Shah from CRED, Lalit Keshre from Groww, Beerud Sheth from Gupshup and Pratekk Agarwaal from BharatPe also participated in the funding round
Decentro has partnered with more than five private banks and various financial institutions, including Yes Bank, ICICI Bank and Axis Bank among others
Decentro plans to use the funds to hire talent for business development, product, operations and tech teams
Fintech startup Decentro has raised $4.7 Mn in its Series A funding round led by Rapyd Ventures along with Leonis VC and Uncorrelated Ventures.
Further, angel investors Kunal Shah from CRED, Lalit Keshre from Groww, Beerud Sheth from Gupshup and Pratekk Agarwaal from BharatPe also participated in the funding round.
Founded in 2020 by Rohit Taneja and Pratik Daudkhane, Decentro is a full-stack API banking startup that allows companies select their modules, integrate with sandbox (banking APIs) and launch products within a few days.
Decentro said that it has partnered with more than five private banks and various financial institutions including Yes Bank, ICICI Bank and Axis Bank among others.
“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. We are excited to support Decentro as they scale and expand,” said Joel Yarbrough, MD of Rapyd Ventures.
Explaining its offerings, Decentro said that it has built bank account-centric products including account issuance and linking, KYC and onboarding, building lending products, and creating and managing cards, among others
Decentro plans to use the fresh funds to hire talent for its business development, product, operations and tech teams. It is further looking to expand its customer base and launch new product categories.
Decentro claims that its valuation has grown by 3.3x while its revenue climbed up by over 35x since its last seed funding, which was held in October 2020. It further asserts that it has clocked an average of 70 Mn API transactions in the last 12 months.
The startup said it has a clientele of more than 250 companies including Freo, Mobile Premier League, FamPay, Jumbotail, Financepeer, CreditWise Capital, BharatX, Phablecare and Uni Cards, among others. Back in 2020, it was also a part of YCombinator’s cohort.
According to an Inc42 report, the Indian fintech market is likely to grow to $1.3 Tn by 2025. Meanwhile, fintech SaaS which is a sub-sector of the fintech industry will capture $13 Bn market share by 2025, growing at a CAGR of 30% between 2022 and 2025.
Startups including M2P Fintech and Pine Labs-acquired Setu are a few players operating in the country’s fintech SaaS sector.