Banking and payments API infrastructure firm Decentro said on November 1 that it raised $4.7 million in Series A funding from large investors from the US, Singapore and Europe, as well as Indian angel investors.

The Bengaluru-based fintech startup said the round was driven by Rapyd Ventures in Singapore and the US, Leonis VC in Europe and Uncorrelated Ventures in California.

CRED founder Kunal Shah, Groww founder and CEO Keshre, Gupshup co-founder CEO Beerud Sheth and former BharatPe CBO Pratekk Agarwaal also participated in the round.

Decentro will use the funding to help expand the hiring process for product, technology and operations teams, the statement said. It has also expanded its base to larger enterprise platforms and new categories of financial institutions.

Decentro’s platform helps companies integrate banking, payments and fintech workflows. According to a statement, the company’s valuation has jumped 3.3 times and revenue has grown more than 35 times since its last seed funding round after graduating from the YCombinator batch in October 2020.

Joel Yarbrough, managing director of Rapyd Ventures and vice president of Rapyd Asia Pacific, said the company has an exciting role in developing new infrastructure to transfer funds instantly, verify user identities and connect users to bank accounts and credit.

The company builds its product around bank accounts. The company said the products help lenders comply with the latest regulations, including RBI guidelines on digital lending.