Fintech infrastructure startup, Setu just lately introduced that it has raised $15 million as part of its Sequence A funding spherical, led by Falcon Edge and Lightspeed Enterprise Companions US together with present traders Lightspeed India Companions and Bharat Inclusion Seed Fund.
Based on the Bengaluru-based firm, it is going to be utilizing these funds to proceed strengthening its group, roll out a collection of latest merchandise, and enhance its expertise infrastructure.
Co-founded by Sahil Kini, former Principal at Aspada Investments, and Nikhil Kumar, former fellow at iSPIRT Basis, Setu is a fintech API infrastructure supplier that connects regulated monetary establishments to different firms that want to supply monetary providers to their prospects.
“We need to reimagine monetary providers for each Indian, wealthy or poor, by enabling builders to construct merchandise that weren’t doable earlier than. Endurance, capital, experimentation, and stellar execution are important to make this magic occur. With this increase, we’re searching for extra creators, geeks, and leaders to affix our rising tribe of 30 Setuzens,” stated Nikhil Kumar, co-founder and chief evangelist at Setu.
Setu provides open APIs throughout 4 classes — payments, financial savings, credit score, and funds. The platform permits builders to entry its sandbox to construct an utility and undergo a rigorous developer certification program to go reside.
“We at Falcon Edge consider strongly within the theme of rising monetary penetration and inclusion in India. By supplying the critically wanted “pipe” infrastructure that enables conventional and non-traditional monetary merchandise to achieve a brand new class of Indian shoppers, Setu is enabling conventional private and non-private lenders to achieve a wider cross-section of India in a digitally enhanced method,” stated Navroz Udwadia, Managing Companion, Falcon Edge.
Setu additionally said that it’s at present engaged on elementary constructing blocks for digital monetary providers throughout FASTag, financial savings, credit score and information.
“We’re large believers in Setu’s imaginative and prescient to construct infrastructure that allows the large-scale distribution of, and entry to, monetary merchandise. Sahil, Nikhil, and the Setu group have an thrilling roadmap for the way forward for monetary providers in India and we’re proud to help their journey,” added Bejul Somaia, Managing Companion, Lightspeed India Companions.
The startup additionally just lately launched ‘Acquire’, an API bundle designed for builders to construct their very own customized omni-channel assortment product.