API Banking Company Decentro Raises Seed FundingThe platform plans to double its workforce and increase its customer base by fivefold in 2021

Full-stack API banking platform Decentro on Thursday announced raising follow-on capital that added to their seed round of funding. This capital was led by online venture capital platform FundersClub, along with VentureSouq, Locus Ventures, Constellation Capital, and a popular Angelist syndicate Unpopular Ventures.

This round also saw the addition of a few more angel investors from the US, India, and Southeast Asia. Along with partnering with banks to build banking-as-a-service (BaaS) products, the company has plans to double the team strength and customer base by five-times in 2021.

The company has also onboarded Siddharth Dhamija and Shirish Chandrakar to its team of banking and fintech experts as advisors and will provide their expertise in payments and Digital Transformation respectively.

"We are at the epicenter 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," stated Rohit Taneja, founder, Decentro.

The company has raised its first round of funding in May 2020, followed by this larger one in October 2020, just a few weeks out of the latest fully digital batch of Y Combinator S20.