Decentro, a fintech firm based in Bengaluru, has recently launched its new payment stack, Flow 2.0, following the final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This approval signifies a significant milestone for the company, allowing it to offer innovative fintech products and services to its customers.
Key highlights of Decentro’s recent developments include:
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Product Launches: Decentro has introduced fintech products such as collections on Unified Payments Interface (UPI) and plans to introduce recurring payments in the coming weeks. These offerings are designed to cater to various sectors including e-commerce, logistics, gaming, and edtech.
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Key Use Cases: According to Rohit Taneja, the co-founder and CEO of Decentro, the key use cases for UPI collections will span across multiple industries such as e-commerce, logistics, hyperlocal commerce, gaming, and edtech. The company aims to roll out recurring payments soon, including features like E-National Automated Clearing House (E-NACH) for subscriptions, investments, and credit.
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Operational Changes: With the approval to operate as an online payment aggregator, Decentro now has control over merchant settlements and transaction processes. This shift allows the company to streamline its operations and offer faster onboarding processes for merchants, aiming to complete the onboarding process in under two days, with plans to reduce it further in the future.
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Customer Base: Decentro primarily targets large merchants and aims to onboard around 40 such entities every month. The company’s clientele includes notable names like Shiprocket, Kodo, and Volopay.
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Regulatory Compliance: Decentro is among the 22 companies that have received the online payment aggregator license from RBI this year. This approval signifies that the company will now directly fall under RBI’s purview for compliance, ensuring adherence to regulatory standards.
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Funding and Investors: In 2022, Decentro raised $4.7 million in a Series A funding round from investors such as Rapyd Ventures, Leonis VC, and Uncorrelated Ventures. Additionally, the company boasts backing from prominent Indian angel investors including Kunal Shah (Cred), Lalit Keshre (Groww), and Beerud Sheth (Gupshup), among others.
