Kunal Shah of Cred, another supporter of Decentro’s banking integration platform | Techy Kings

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Kunal Shah of Cred, another supporter of Decentro's banking integration platform

Credits: 123RF.com

Decentro, a banking integration startup, on Tuesday said it has raised $4.7 million (around Rs 37.6 crore) as part of Series A funding from Rapyd Ventures, Leonis VC and Uncorrelated Ventures.

The round also saw participation from a group of angel investors including Kunal Shah (Founder at Cred), Lalit Keshre (Groww), Beerud Sheth (Gupshup) and Pratekk Agarwaal (ex-BharatPe).

The Bengaluru-based firm plans to use the new revenue to attract more talent 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 through an application programming interface (API).

The startup claims that its volume has grown by 50-70% every quarter since early 2021 and has recently seen its monthly revenue exceed expenses in the past few months.

“This Series A round in the midst of a global funding winter is a vote of confidence for the company as we continue our journey to become the best API platform for banking integration. We are on a strong growth path in the $200 billion fintech opportunity in India,” said Taneja.

“Decentro plays a role in developing new infrastructure to transfer money instantly, verify user identity and connect users to bank and credit accounts. Building their innovation layer in India first gives Decentro a great foundation to build scalable innovation 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 ends in October 2020, includes investments from Y Combinator and FundersClub.

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