Y Combinator-backed fintech startup Decentro has made its first acquisition since its inception in 2020. The company acquired Mumbai-based SaaS fintech platform Neowise Technologies for an undisclosed amount in a cash and share deal.
Decentro Integration of Workflows and Expansion into Debt Collection Space
As part of the deal, Decentro plans to integrate the payments and lending workflows of Neowise Technologies. Additionally, it aims to enter the debt collection space and offer these services to banks and Non-Banking Financial Companies (NBFCs).
Neowise Technologies’ Credit Solutions and Debt Collection Services
Founded in 2020 by Rohit Ramachandran and Siddarth Padmanabhan, Neowise Technologies specializes in providing credit solutions and debt collection services to financial businesses. The acquisition will see Decentro gaining access to Neowise’s debt collection dashboard, with the latter operating as a fully-owned subsidiary while maintaining independent operations.
Decentro Enhancing Loan Repayment Processes and Empowering the Lending Sector
Rohit Taneja, a co-founder of Decentro, highlighted the significance of streamlining loan repayments and improving the collections process for NBFCs and lenders. The acquisition of Neowise Technologies aligns with Decentro’s vision of empowering the lending sector by enhancing its current offerings and providing a comprehensive loan collections suite.
Fintech Sector Growth and Funding Landscape in India
The Indian fintech sector continues to witness significant growth, with over 4,200 active fintech startups, and more than 660 of them being funded, as per the State Of Indian Fintech Report Q1 2023. Despite the funding crunch, the fintech sector attracted a substantial investment of $14.8 billion between 2021 and the first half of 2023. This acquisition and previous funding rounds position Decentro to expand its customer base, launch new product categories, and drive growth for the financial year. Other players in the fintech space, such as Lendingkart, are also securing significant funding to support their growth and expansion plans.
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