Setu is a two-year-old, Bangalore-based API infrastructure provider that helps financial institutions connect with companies and small businesses to deliver formal financial services. The company offers open APIs across bills, savings, credit, and payments, and provides a developer sandbox plus a certification program to go live. Setu recently launched Collect, an API bundle for developers to build custom collections products, and is building additional blocks for FASTag, savings, credit, and data. It builds on public infrastructure such as UPI and BBPS and partners with banks including Kotak, ICICI, and Axis Bank. The startup raised $15 million in a Series A financing round, bolstering its position to expand distribution of digital financial services. Founders Nikhil Kumar and Sahil Kini bring experience from iSPIRT and Aspada Investments and are guiding the company’s product roadmap. Setu builds low-cost, modular API infrastructure across four categories: bills, savings, credit, and payments, and offers a developer sandbox plus a certification program to go live. Its flagship product, Collect, enables merchants to collect recurring payments such as EMIs, SIPs, insurance premiums, and maintenance charges. The company has started work with financial institutions including Kotak and SBI Mutual Fund to offer integrations. Founders Sahil Kini and Nikhil Kumar, Indiastack members, have been working on Setu since August 2018; the company is owned and operated by Brokentusk Technologies Pvt Ltd and is based in Bengaluru per RoC filings. Setu plans community events like hackathons to attract developers and pursue strategic partnerships to connect to major players. Financially, the company has raised external seed capital (see deal details) and recorded equity and preference share issuances in RoC filings.

Total raised

$19M

Funding rounds

2

Latest round

Series A

Latest activity

Apr 2020