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Renowned Bengaluru-based software company, Decentro has reportedly raised $4.7 million in a Series A round of funding, which was headed by the fintech venture capital arm of Rapyd - Rapyd Ventures.
Uncorrelated Ventures and Leonis VC, along with Indian angel investors including Gupshup co-founder and CEO Beerud Sheth; Groww co-founder and CEO, Lalit Keshre; former CBO of BharatPe, Pratekk Agarwaal, and CRED founder, Kunal Shah were among the other contenders that participated in the funding.
Speaking on the latest round, Rohit Taneja, Co-Founder and CEO of Decentro, stated that launching a new product by the fintech startup or firm takes a minimum of a few months.
Apparently, it is wholly associated with the bank processes, the technology of the bank, as well as how the bank runs the process.
Rohit further highlighted that the process is not great, while the firm is working on solving these issues.
Decentro, which currently employs 40 people, offers products that empower firms to develop virtual, business and escrow accounts, whilst providing lending and enabling payment.
The startup also claimed that the available products adhere to the latest regulations followed in the country.
For the unversed, the Bengaluru-based startup renders banking and payments APIs that empower the development of fintech products, including banking, neo-banking, payment cards, and payout services and collections in a short period.
It is worth mentioning that Decentro has also collaborated with several leading industry players like Axis Bank, ICICI Bank, Kotak Mahindra Bank, Visa, Yes Bank, Quickwork, RuPay, Equifax, Aadhaar and NSDL (National Securities Depository Limited).
These collaborations have encouraged the firm to help offer solutions for prepaid payment instruments, conversational banking via WhatsApp, and no-code workflows and allow document verification and KYC process.
For the record, the startup also claims to serve around 250+ customers in the commerce and fintech sectors. Some of these are Freo, FamPay, Mobile Premier League, Uni Cards, CreditWise and BharatX.
Source credit - https://techcrunch.com/2022/10/31/y-combinator-backed-decentro-fintech-series-a-funding/
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