India's leading fintech infrastructure platform becoming the youngest fintech company to receive the permit
FinTech BizNews Service
Mumbai, February 7, 2024: Decentro, India’s leading fintech infrastructure platform, announced that it has received its final payment aggregator license from the Reserve Bank of India (RBI), becoming the youngest fintech company to receive the permit. The regulator’s approval is a mark of recognition for Decentro’s robust fintech infrastructure tech stack and its strong focus on innovation.
To ensure the safety of consumers and businesses, the RBI issued a payment aggregator framework in March 2020, which stated that payment gateways would be mandated to have a license to acquire merchants and provide them with digital payment acceptance solutions. As of 2023, more than 185 fintech companies had applied for the permit, with 32 entities receiving an in-principle approval.
As a company that has always strived to break innovation barriers in the fintech infrastructure space, with this final nod of approval by RBI, Decentro can now empower its customers seamlessly with enhanced payment solutions and security.
Commenting on receiving the payment aggregator license, Rohit Taneja, Founder & CEO, Decentro said, “As a founder, we embarked on this journey with a clear mission: to revolutionise banking and fintech integrations for India's major platforms, especially those harnessing UPI and bank-to-bank payments like NEFT, IMPS, RTGS, and e-NACH. Today, receiving the PA/PG license from the RBI is a milestone and a testament to our innovative spirit, unwavering commitment to compliance, and a burgeoning reputation as a premier global fintech infrastructure platform. Being the youngest company on the list underscores our agility and forward-thinking approach.
With this pivotal approval, we're poised to empower large-scale platforms, marketplaces, and lenders with our cutting-edge payment collection APIs, enabling seamless transactions across UPI, auto-pay, and e-mandates. As we grow, we're also exploring newer avenues for local and international expansion, reaffirming our dedication to driving fintech innovation forward globally.”
Adding to the above sentiment, Co-Founder Decentro Pratik Daudkhane shared, “We're excited to secure a license in the most advanced fintech ecosystem of the world. The Reserve Bank's inputs helped shape our payments business while adhering to the highest standards of compliance & security. This is a crucial step for us to enter the next growth phase, where we look forward to building industry-tailored, open banking payment solutions for regulated entities, fintechs, MSMEs, and enterprises.
With this development, Decentro joins the likes of Cashfree, Razorpay, Stripe, Pine Labs, and JusPay in receiving the RBI nod for a payment aggregator license. In three years, the Decentro group has rapidly built a full-stack fintech infrastructure platform that provides solutions to more than 700 companies, including Freo (MoneyTap), CashE, Muthoot Capital, Credit Fair, Ninjacart, and many more. With critical pillars of innovation, customer experience, and compliance, Decentro currently has 40+ deep APIs, SDKs & UI workflows catering to the entire value chain of a company’s financial infrastructure needs regarding lending & payments.
