Bangalore, India, November 23, 2021: With digital payments, banking, and lending on an exponential rise, one of India’s leading API platforms for banking integrations, Decentro, has announced the achievement of key milestones in the past few days. The company recently crossed 100+ signed up and paying customers (companies) on its platform across a mix of categories like marketplaces, NBFCs, investment apps, neo-banks, and many more.
It also entered 2 new categories like B2C/Consumer lending apps, and logistics with its recent integrations with the likes of MoneyTap, Uni Cards, and Agarwal Packers & Movers to streamline its financial workflows.
This integration enables a player like MoneyTap to offer an automated and real-time KYC process by leveraging Decentro’s API modules. It further runs checks in the backend and renders all relevant user details for MoneyTap to access and evaluate, thereby ensuring a 95% faster user onboarding experience. In addition to KYC verification for their customers, MoneyTap will also leverage Decentro’s CKYC API infrastructure to run extensive credit-related checks on users before providing lending services and onboarding them.
Along with MoneyTap, Decentro is also empowering a fairly older & traditional company like Agarwal Packers & Movers in implementing a similarly automated KYC workflow with minimum hassle. The platform has started leveraging Decentro’s KYC APIs that come with 99.9% uptime and response time of a few hundred milliseconds to onboard their truck drivers and agents/movers, via multiple docs with a single API end-point.
The logistics company is also looking forward to exploring other modular products including money flow & payments automation via Decentro.
While announcing this milestone and new integrations, Rohit Taneja, Founder & CEO, Decentro, said, “We are going strong on our vision and mission to empower fintechs, and enterprises across the country in the long term by becoming a versatile and deeply embedded banking as a service (BaaS) player. Early days for us but having amazing companies like MoneyTap, Uni Cards, and Agarwal Packers & Movers trust and partner with us gives great validation of our product and its impact on the overall business”
With millions of users, MoneyTap, India’s first personal line of credit, aims to simplify consumer credit by leveraging modular API solutions to facilitate personal loans of up to Rs. 5 Lakh. Since its inception, the platform has disbursed upwards of INR 4,000 crore in credit. Not just credit, MoneyTap also enables customers the opportunity to avail of more banking services through its latest neobank Freo. Users can get credit, and utilize their capital better, all in a single application.
Anuj Kacker, Co-founder, Money Tap & Freo, said, “Consumer onboarding plays a crucial role in offering digital credit & lending. Together with Decentro, we aim to establish an uninterrupted workflow. Decentro’s flexible and scalable APIs allow us to transform our consumer experience and also unlock many new opportunities to thrive in the neobanking & lending space.”
Agarwal Movers and Packers is the largest movers of household goods in India, recognized by the Limca Book of Records for nine consecutive years (2011-2021) and the World Book of Records. The company has successfully completed over 19 lakh household shiftings in 34 years of its presence in India(and global markets).
Navneet Agarwal, CEO, Agarwal Movers and Packers, “We firmly believe that refining existing processes using technology can help us improve our decision making and analytics. With Decentro’s API, we continue to streamline operations and offer quality service to our customers.”
Decentro’s API will help them leverage new-age home storage solutions, further helping them achieve their milestone of earning INR 10,000 crore in the next 7-8 years.
The development comes on the heels of Decentro hitting the milestone of $1.2Bn+ worth of collections and payouts in money flow on an annualized basis within 15 months since product launch. The company is planning to scale up across categories with its strong and unified BaaS API stack as well as 6X its revenues in the next 12 months.