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§ Private Profile · Bengaluru, India
Setu is a technology company.
Setu provides a full-stack fintech platform, offering modular infrastructure for businesses to integrate diverse financial services. It delivers APIs, SDKs, and pre-built UI screens, accelerating deployment of capabilities like digital onboarding, payment processing, and lending. The platform emphasizes flexibility, security, and compliance, ensuring robust and customizable integration for clients.
The company was founded in 2018 by Sahil Kini and Nikhil Kumar. Their insight identified the challenge businesses faced in integrating complex financial services. They aimed to abstract this complexity through a developer-friendly platform, enabling faster adoption of digital offerings. This strategy leverages the founders' extensive backgrounds in technology and finance.
Setu primarily serves businesses, from financial institutions to e-commerce, seeking to embed or enhance financial products. Its solutions are utilized by lenders, personal finance applications, and insurance providers to improve customer experience and operational efficiency. The company’s vision is to foster financial accessibility by providing essential building blocks for fintech innovation, advancing inclusion.
Setu has raised $19.0M across 2 funding rounds.
Setu has raised $19.0M in total across 2 funding rounds.
Setu has raised $19.0M in total across 2 funding rounds.
Setu's investors include Lightspeed Venture Partners, Falcon Edge Capital, Bharat Inclusion Seed Fund, Bharat Innovation Fund.
Setu is an Indian fintech startup founded in 2018 that provides modular API infrastructure enabling businesses to build financial products in areas like bill payments, savings, credit, UPI, KYC, eSign, and data access via Account Aggregator.[1][2][4][5] It serves developers, startups, banks, insurers, lenders, and over 1,000 organizations by solving scalability and integration challenges in India's complex financial ecosystem, processing 10 million monthly BBPS transactions (over ₹4,000 crore or USD 480 million) and 5 million daily Account Aggregator requests.[2][4] Acquired by Pine Labs, Setu powers fintech innovation with plug-and-play APIs, helping non-fintech companies offer services like instant credit alerts, real-time receipts, and compliant onboarding, driving growth through AWS-hosted scalability.[1][2]
Setu, legally BrokenTusk Technologies Pvt. Ltd., was founded in 2018 in Bangalore, India, as an API infrastructure startup to address the fintech scaling pains of traditional institutions like banks and insurers amid India's booming digital economy.[1][4][5] The idea emerged from recognizing that businesses waste engineering resources on basic fintech integrations—such as payments and data access—due to legacy tech constraints in financial entities, prompting Setu to build a unified API layer that absorbs regulatory complexity and multiple integrations.[4] Early traction came via its Bharat Bill Payment System (BBPS) Biller Operating Unit (BOU), trusted by over 1,000 banks and organizations for utility payments, evolving into a full-stack platform now under Pine Labs, handling massive transaction volumes.[2]
(Note: References to unrelated "Setu Technologies" entities in clean tech or other sectors, like [3] and [6], do not apply to this fintech Setu.[1][2][4][5])
Setu rides India's digital payments and open banking wave, fueled by BBPS, UPI, and Account Aggregator frameworks that digitize ₹ trillions in recurring bills and enable consented data sharing.[2][4] Timing aligns with RBI's push for interoperable fintech infrastructure post-2016 demonetization and UPI's explosion, where 20,000+ billers and 450 apps demand scalable bridges—Setu fills this by powering 10M+ transactions amid 480M USD monthly volume.[2] Market forces like rising fintech adoption (e.g., embedded finance) favor it, as legacy institutions struggle with API modernization; Setu influences the ecosystem by enabling startups to "be a fintech company" instantly, accelerating financial inclusion for millions.[1][4][5]
Setu is poised to expand its API stack into AI-driven insights and lending amid India's 1B+ digital users, leveraging Pine Labs' resources for global reach while deepening BBPS/UPI dominance.[2][4] Trends like real-time payments, open finance regulations, and embedded insurance will propel growth, potentially doubling transaction volumes as economic digitization surges. Its influence may evolve from infrastructure enabler to ecosystem orchestrator, solidifying its role in making fintech accessible—echoing its founding mission to future-proof India's financial architecture for all businesses.[4]
Setu has raised $19.0M across 2 funding rounds. Most recently, it raised $15.0M Series A in April 2020.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Apr 1, 2020 | $15M Series A | Lightspeed Venture Partners, Falcon Edge Capital | Bharat Inclusion Seed Fund | Announced |
| Apr 1, 2019 | $4M Seed | Lightspeed Venture Partners | Bharat Innovation Fund | Announced |