Overview
Setu is a rising fintech company headquartered in Bangalore, Karnataka, India, operating under the legal name BrokenTusk Technologies Pvt. Ltd. Founded in 2018, Setu is on a mission to accelerate India's economic growth by making financial services accessible and affordable through the use of application programming interfaces (APIs). Using a B2B business model, Setu focuses on creating API infrastructure that simplifies financial service integration for businesses.
Services and Products
Setu provides a comprehensive suite of financial APIs that enable businesses to access crucial financial functions seamlessly. These products cater to different aspects of financial operations:
- Data:
- Setu Account Aggregator Gateway
- Setu Insights
- Setu KYC (Know Your Customer)
- Setu eSign Gateway
- Payments:
- Setu BBPS (Bharat Bill Payment System)
- Setu UPI (Unified Payments Interface)
- Investments:
- Setu Deposits
- Lending:
- Setu Lending
These solutions are designed to alleviate the technological and regulatory complexities for businesses by providing a scalable and modular API infrastructure that facilitates quick and easy integration.
Strategic Vision
Setu is deeply committed to financial inclusion by enabling enterprises to deliver innovative financial products without the intricacies of direct integration with banks and financial institutions. Their scalable APIs can be effortlessly adopted on-demand, enabling businesses to concentrate on core activities while leveraging Setu’s robust financial infrastructures.
Leadership and Team
Setu was co-founded by Sahil Kini, the Chief Executive Officer, and Nikhil Kumar, the Chief Evangelist. The company’s leadership also includes Vinay Kesari, serving as the Director of Operations & Strategy for Setu Account Aggregator. The leadership team is dedicated to innovation and growth within the financial services sector, bringing a wealth of experience from the fintech industry.
Company Performance and Growth
Setu has displayed significant growth in the fintech landscape:
- Secured a total of $18.55 million in funding over two rounds since its inception.
- Notable improvements in operational revenue, which nearly doubled, and a reduction in net losses by the close of fiscal year 2024.
Prominent investors supporting Setu include Lightspeed India Partners and the Bharat Inclusion Seed Fund, reflecting confidence in Setu’s business model and strategic objectives.
Recent Developments
Recently, Setu received in-principal approval from the Reserve Bank of India (RBI) to function as an account aggregator, demonstrating its commitment to regulatory compliance. It has also established strategic partnerships, such as with Pine Labs, to enhance its service offerings further. Setu is actively transforming fintech in India through its pioneering efforts in API-driven solutions.
Competitor Analysis
Primary Competitors
1. Perfios
- Specializes in financial data analytics, B2B fintech software, real-time credit decision-making, and data aggregation across 18 countries. Perfios has attracted $450 million in funding over 14 rounds with leadership under CEO Sabyasachi Goswami.
2. Signzy
- Offers AI-powered digital onboarding solutions, with total funding of $40 million over 7 rounds and over 400 employees. Founded by Ankit Ratan, Arpit Ratan, and Ankur Pandey, Signzy focuses on simplifying KYC processes and enhancing digital banking infrastructures.
3. HyperVerge
- A B2B SaaS provider specializing in AI-driven identity verification and fraud detection with a reach in 195+ countries. Founded by Kedar Kulkarni, the company has processed over 1 billion identities and maintains a 95% auto-approval rate.
4. Razorpay
- A fintech unicorn providing comprehensive payment solutions, founded by IIT Roorkee alumni. It is recognized for seamless transaction facilitation under various payment modes and headquartered in Bengaluru, Karnataka, India.
5. Paytm
- A transformative financial platform in India, founded in 2010 by Vijay Shekhar Sharma, integrating digital payments, banking, and financial management for millions in India.
Setu competes in a robust space, contending with key players like Perfios, Razorpay, Signzy, and HyperVerge who offer comprehensive solutions in fintech-related services, financial data analytics, and identity verification.
