Decentro enables FinTechs to launch innovative solutions 10X faster and cheaper

By Leandra Monteiro

FinTech is among the fastest growing areas in the Indian business ecosystem, with startups attracting $2 billion in investments in the first half of 2021. Armed with data analytics, plug and play APIs, and new age software solutions, FinTechs are creating innovative solutions to make banking and finance experience personalized, simple, and convenient. A key driving force behind the rapid growth of financial services is the rise in easy to consume FinTech APIs. Some of the quintessential financial services and products required by both consumers and businesses require simple plug-and-play APIs. Decentro is a full-stack API banking platform that provides easy-to-consume APIs for financial integrations.

Decentro laid down its foundation amidst the pandemic and has grown exponentially since its inception. Several emerging startups including FamPay, Jumbotail, MoneyTap, etc have leveraged their API infrastructure and simplified integration of complex banking workflows. The value of transactions being processed via Decentro has increased by more than 25X over the last 14 months since its first product launch in July 2020 and its customer base has grown by 6X since January 2021. The company is now processing more than $25 million (gross transaction value) worth transactions per month, that was <$1 million around 14 months ago when it launched its first product in the market.

“Companies offering financial services have struggled to offer innovative solutions because of the inherent infrastructural problem of the banking system. With Decentro, businesses can offer automated solutions without running around for months to solve for underlying banking APIs. Our APIs not only save time but also provide the highest degree of automation so that businesses can focus on execution and 10X faster go-to-market. Decentro offers several modular products, including KYC & Onboarding, Accounts (Current & Virtual), AML & Compliance, Lending, Cards, and Payments. These products are available in the form of simple, plug-n-play APIs, and also web dashboards,” said Rohit Taneja, Founder & CEO, Decentro.

Decentro charges on a per API basis for most of their key modules along with a SaaS fee component for specific modules. And, there is a new stream in the form of interchange revenue from the card transactions of the customers. The company is said to be working with some of the most trusted banks in India like Yes Bank, ICICI Bank, Kotak Mahindra Bank etc., to provide innovative solutions to its clients.

The platform is one of the handful of companies disrupting the FinTech market with its innovative solutions to the long-standing problems of broken infrastructure and painfully long & complex integrations in the financial space. With most businesses looking to offer a seamless consumer experience, companies like Decentro are enabling them with plug & play APIs to offer even advanced services in FinTech including embedded finance, open banking, and neo-banking.

APIs aren’t just disrupting the FinTech industry but all of the businesses including but not limited to Insurance, FMCG, hospitality, manufacturing, construction, transportation etc. The use of APIs has become imperative for offering seamless, convenient, and secure consumer experiences.