Decentro, banking API Integration platform for businesses, has announced that it has raised fresh capital in the ongoing seed funding round. However, the startup did not disclose the exact amount of the funding.
FundersClub spearheaded the latest capital infusion while VentureSouq, Locus Ventures, Constellation Capital, and a popular Angelist syndicate Unpopular Ventures also participated in the round.
The round also participation of few more angel investors from the US, India, and Southeast Asia. Decentro raised the first part of the seed funding round in May 2020, followed by a larger round in October, which came just two weeks after completing its Y Combinator summer batch program.
The company has said that it has plans to double the team strength and customer base by 5X in 2021. It will also continue with its quest to partnering with banks to build Banking-As-A-Service (BaaS) products.
Following the latest funding, the startup has also ramped up its advisory council by onboarding Siddharth Dhamija and Shirish Chandrakar to its advisory team of Banking and FinTech experts as advisors. They will provide their expertise in payments and digital transformation respectively.
Both Dhamija and Chandrakar boost a rich experience in their respective fields. Dhamija is currently the CEO of ZaakPay at Mobikwik, and was earlier working with Paypal and Razorpay. Chandrakar, on other hand, has two decades of experience of helping business digitally transform by leveraging technology in the APAC market.
On the latest developments, Rohit Taneja, Founder, Decentro, said, “We are at the epicentre of the fintech revolution and are creating the much-needed infrastructure to open access to money flow, data, hassle free banking and financial services for all companies. We are extremely excited to be backed by some of the most well-known investors in the world.”
“Our focus is to remove existing technological barriers and enable companies to launch their products in weeks rather than months. We are very happy to welcome Shirish and Siddharth on board as part of our advisory council, which will further help us in building our business to be ready for enterprise-scale.”
Decentro is essentially a full stack API platform that allow banks to launch products 10x faster. It enables banks to select their desired modules, integrate in the sandbox, and launch a product in a hassle-free way.