Fintech firm Decentro has made waves in the industry with the launch of its new payment stack, Flow 2.0, following the approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. The company has introduced fintech products such as collections on Unified Payments Interface (UPI) and is set to roll out recurring payments in the coming weeks.
Rohit Taneja, co-founder and CEO of Decentro, highlighted the key use cases for UPI collections, including e-commerce, logistics, last-minute delivery, hyperlocal commerce, gaming, and edtech. The upcoming recurring payments feature will include E-National Automated Clearing House (E-NACH) for subscriptions, investments, and credit.
With the recent approval from the RBI, Decentro now has the ability to control merchant settlements and transaction processes. Taneja explained that as a payment aggregator, the company can manage the flow of money into their escrow account and settle it directly with the merchant.
The Bengaluru-based fintech platform aims to onboard around 40 large merchants every month, focusing on mid-sized and large entities. The company’s streamlined onboarding process ensures merchants can start transacting in under two days, with plans to reduce the time even further in the future.
Flow 2.0 enables enterprises to conduct transactions within RBI-approved frameworks and has already attracted customers like Shiprocket, Kodo, and Volopay. Decentro is among the 22 companies that have received the online payment aggregator license this year, positioning the company under the direct purview of the RBI for compliance.
Having raised $4.7 million in a Series A funding round in 2022, Decentro continues to make strides in the fintech sector with the support of investors like Rapyd Ventures, Leonis VC, and Uncorrelated Ventures, as well as prominent Indian angel investors.