Setu which is a fintech startup has now secured Rs 24.5 crore in the funding round of seed led by the Lightspeed India Partners with the collaboration from the Bharat Inclusion Seed Fund, according to the report which has been revealed.
The startup will be going to use the funds to build an engineering team and its technology infrastructure.
Setu, which runs by the BrokenTusk Technologies Pvt Ltd, partners with the financial institutions, create accounts and manages them, routes the payment across the different networks, and absorbs the complexity of regulations for the businesses who want to offer the financial services to their customers.
It provides with the API infrastructure across the four segments – savings, bills, credit, and payments. Any developer can access its sandbox to build an application but has to undergo a rigorous developer certification programme to go live. This also makes it easy for all the companies to plug and play the financial services, rather than spending the significant effort and time for the one-off integrations.
“Digital finance has accelerated with the emergence of public platforms such as UPI. Except for payments, banking infrastructure hasn’t upgraded at the same pace. For India’s economy to achieve its full potential, a wholesale redesign and API access to financial products is critical,” said Kini, co-founder, and CEO, Setu, in the press note.
Picture Credits: Inc42
