Decentro founder and CEO Rohit Taneja
Indian fintech infrastructure platform Decentro expanded into Southeast Asia in March 2023 by launching its Ledgers module in Singapore. With Asia-Pacific being a hotbed for digital banking options. Decentro goals to double its regional enterprise progress by the tip of 2024, tapping into the substantial market demand for new-age monetary options.
On this interview with e27, Decentro’s founder discusses the corporate’s merchandise, plans in Southeast Asia, and upcoming funding spherical.
Excerpts:
What are the important thing options and functionalities of Decentro’s merchandise, Move and Material, and the way do they assist companies streamline their monetary operations?
Decentro’s Move product consists of quite a lot of modules starting from:
UPI (an on the spot cost system in India) and bank-to-bank collections: Static QR functionality, mixed with collections like acquire request, intent stream, QR and cost hyperlink throughout India and 12-plus massive currencies throughout the globe.
Recurring funds: eNACH (a way of electronically amassing funds from a buyer’s checking account) and UPI autopay capabilities with configurable frequencies and quantities.
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Prompt and international payouts: Prompt payouts are appropriate with UPI, IMPS, NEFT, RTGS, SWIFT, ACH and extra protocols, with 5-plus supporting financial institution integrations within the backend.
Multi-currency escrow accounts: A multi-bank escrow facility is offered for safe & easy cash stream throughout India & globally.
Our Material product is the plug-and-play onboarding and validation module for customers and companies. It helps firms confirm people and companies by fetching and verifying information from authorities sources just like the CKYC repository, UIDAI, Digilocker, and so forth.
Might you present extra perception into Decentro’s journey since its founding in 2020?
Over the previous three years, Decentro has empowered fintech gamers throughout different sectors, together with banks, client platforms, non-banking monetary corporations (NBFCs), mortgage service suppliers (LSPs), B2C & B2B commerce, and neobanks. We now have over six reside financial institution companions and 5 NBFC companions.
Because the launch, we have now signed up 800-plus firms (mid and large-sized), and our ARR has grown 5-8x yearly. Our shopper base has contributed to a US$3 billion annual cost quantity processed by way of our platform.
We grew by 30x in month-to-month API transactions and 4x in reside prospects in FY 2023-24.
Are you able to talk about the importance of Decentro’s current launch of the ledgers module and its strategic enlargement into Singapore, notably in enhancing buyer loyalty programmes for manufacturers like OwnDays?
Our Ledgers module is particularly designed to streamline monetary operations, similar to managing transactions and balances extra effectively, which is essential for manufacturers specializing in buyer loyalty programmes.
It gives the next options:
Actual-time reconciliation: The Ledgers API gives real-time reconciliation, protecting monetary information present, particularly essential for high-volume transactions.
Information tallying: Automation minimises human errors in information entry and cross-referencing, enhancing report accuracy in a big organisation.
Customisable information system: Our Ledgers module is flexible and caters to a number of use circumstances, together with loyalty programme administration, common ledger upkeep, reward factors reconciliation, and multi-currency treasury administration.
What alternatives and challenges do you foresee in enhancing buyer engagement methods by way of fintech options, particularly within the retail sector throughout Asia Pacific?
The brand new-age use circumstances and corporations want cloud-first and scalable tech options that cater to their end-to-end wants. The choices at Decentro ought to cater to exactly that whereas protecting empathy towards our prospects (firms) in thoughts.
By introducing full-stack experiences along with our present choices, we have now taken a step nearer to being the one-stop store for all of your funds and banking wants.
We additionally recognise the necessity for these options to be simple to deploy and eat, so we have to iterate our product catalogue to make it extra developer-friendly constantly. We’re deploying SDKs and ready-made UI options over the prevailing easy-to-use, plug-and-play APIs, making it 2X less complicated for firms to combine and go reside.
We perceive the necessity for transparency and help in our area, and therefore, we have now devoted help groups that deal with upcoming fixes, underlying iterations, and computerized updates with out breaking stream. Lastly, working in regulated markets, our choices ought to observe the very best diploma of compliance, taking a stable compliance load off our prospects’ shoulders.
How does Decentro leverage its strategic partnerships and technological experience to bolster its presence in India, Singapore, and different pivotal areas?
Decentro’s method centres on collaborating with native and worldwide monetary establishments, similar to banks and lenders, which boosts our platform’s capabilities and expands our attain.
On the expertise facet, our focus is on:
Growing our capacity to scale & serving to our prospects scale. Presently, we are able to course of round 120 transactions per second with out the necessity to contact something in our infrastructure.
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Dealing with and supporting new cost protocols evolving throughout the areas and nations in APAC. For instance, UPI for cross border/UPI regionally and in different nations.
Simplifying the APIs that we have now to plug & play SDKs and UI kits in order that our prospects can combine and go reside in a matter of days/hours as a substitute of 1-2 weeks.
Moreover, we actively have interaction with native regulatory our bodies to make sure full compliance and foster consumer belief. This regulatory alignment is essential for clean operations and enlargement in worldwide markets.
How a lot capital has the corporate raised to date? Do you intend to lift further capital quickly?
Decentro has raised US$6.3 million from traders, together with YCombinator, Uncorrelated Ventures, Rapyd, Soma Capital, Plug and Play, and angel traders similar to Kunal Shah and Beerud Sheth.
We’ll plan to lift further capital shortly. This subsequent spherical of funding might be aimed toward accelerating our progress with investments throughout enterprise, advertising and marketing, and engineering.
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