Latest News | Decentro Raises USD 4.7 Mn to Grow Fintech-as-a-service Platform

New Delhi, Nov 1 (PTI) YCombinator-backed Decentro has raised USD 4.7 million (about Rs 38 crore) from marquee global investors from Singapore, US and Europe, the company said.

The funding round was driven by Singapore and US-based Rapyd Ventures, with Leonis VC from Europe, and Uncorrelated Ventures based out of California.

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Indian Angel investors Kunal Shah (founder, CRED), Lalit Keshre (Co-founder and CEO, Groww), Beerud Sheth (Co-founder and CEO, Gupshup), and Pratekk Agarwaal (Ex CBO at BharatPe) also participated in the round.

Founded in 2020 by Rohit Taneja and Pratik Daudkhane, Decentro's platform helps companies stitch their banking, payments, and fintech workflows in a matter of a few days.

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Decentro plans to utilise the funds to scale-up hiring across business, product, tech and operations teams.

"This Series A round in the middle of the global funding winter is a huge 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 within the USD 200 billion fintech opportunity in India that today is recognised as a strong hub of innovation and upgradation in the global financial services industry," Decentro co-founder and CEO Rohit Taneja said.

The company claims its valuation has jumped by 3.3 times, and its revenues by more than 35 times since the last seed round closed two years ago in October 2020.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)