Fintech infrastructure startup, Setu recently announced that it has raised $15 million as a part of its Series A funding round, led by Falcon Edge and Lightspeed Venture Partners US along with existing investors Lightspeed India Partners and Bharat Inclusion Seed Fund.
According to the Bengaluru-based company, it will be using these funds to continue strengthening its team, roll out a suite of new products, and improve its technology infrastructure.
Co-founded by Sahil Kini, former Principal at Aspada Investments, and Nikhil Kumar, former fellow at iSPIRT Foundation, Setu is a fintech API infrastructure provider that connects regulated financial institutions to other companies that wish to offer financial services to their customers.
“We want to reimagine financial services for every Indian, rich or poor, by enabling developers to build products that weren’t possible before. Patience, capital, experimentation, and stellar execution are essential to make this magic happen. With this raise, we’re looking for more creators, geeks, and leaders to join our growing tribe of 30 Setuzens,” said Nikhil Kumar, co-founder and chief evangelist at Setu.
Setu offers open APIs across four categories — bills, savings, credit, and payments. The platform allows developers to access its sandbox to build an application and go through a rigorous developer certification program to go live.
“We at Falcon Edge believe strongly in the theme of rising financial penetration and inclusion in India. By supplying the critically needed “pipe” infrastructure that allows traditional and non-traditional financial products to reach a new class of Indian consumers, Setu is enabling traditional public and private lenders to reach a wider cross-section of India in a digitally enhanced manner,” said Navroz Udwadia, Managing Partner, Falcon Edge.
Setu also stated that it is currently working on fundamental building blocks for digital financial services across FASTag, savings, credit and data.
“We are big believers in Setu’s vision to build infrastructure that enables the large-scale distribution of, and access to, financial products. Sahil, Nikhil, and the Setu team have an exciting roadmap for the future of financial services in India and we’re proud to support their journey,” added Bejul Somaia, Managing Partner, Lightspeed India Partners.
The startup also recently launched ‘Collect’, an API bundle designed for developers to build their own custom omnichannel collection product.
