Decentro Acquires Neowise Technologies to Expand Banking-as-a-Service Stack
- ByStartupStory | July 18, 2023
Decentro, a banking and payments API infrastructure startup backed by Y Combinator, has acquired Mumbai-based SaaS platform Neowise Technologies in a cash and stock deal of undisclosed value. The acquisition will enable Decentro to incorporate debt collection into its Banking-as-a-Service (BaaS) stack, offering a comprehensive solution for payments and lending workflows to banks, NBFCs, and fintech companies. Neowise’s debt collections dashboard will continue to be available through its regular sales process as a wholly owned subsidiary of Decentro’s India arm. Both teams will operate independently.
“We recognized the need to establish a deeper partnership that enhances our suite and empowers existing industry players. Neowise, with its comprehensive loan collections suite, seamlessly aligns with our vision of empowering the lending sector,” said Rohit Taneja, Founder and CEO of Decentro. Decentro, founded in 2020, raised $4.7 million in Series A funding in November, with participation from investors such as Rapyd Ventures, Leonis VC, and Uncorrelated Ventures.
Decentro has already provided its API stack to over 500 companies and has partnered with five major banks in India. The company is experiencing significant growth across multiple sectors, with a quarter-on-quarter growth rate of nearly 50%. The acquisition of Neowise will combine its debt recovery technology expertise with Decentro’s comprehensive payment and banking APIs, enabling digitization of workflows for banks, fintechs, and NBFCs.
“This partnership allows us to tap into Decentro’s extensive expertise and reach. We look forward to scaling along with the Decentro team,” said Rohit Ramachandran, CEO and Co-founder of Neowise Technologies.
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