Setu, a fintech API infrastructure company based in Bangalore, has raised USD 15 million (INR 110 Crore) in a Series A financing round led by Falcon Edge and Lightspeed Venture Partners US along with existing investors Lightspeed India Partners, and Bharat Inclusion Seed Fund.
This funding will be used to continue strengthening its team, roll out a suite of new products, and improve its robust technology infrastructure.
According to regulatory filings, Lightspeed has poured around Rs 62 crore while Falcon Edge invested Rs 42.5 crore. BITSE, which counts Omidyar Network and Bill and Melinda Gates foundation as backers, has invested Rs 4.66 crore.
Setu primarily partners with financial institutions to help design and distribute financial products. Its flagship product enables merchants of every size to collect payments, savings, and credit to their users from any application.
Setu offers open APIs across four categories — bills, savings, credit, and payments. Any developer can access its sandbox to build an application and go through a rigorous developer certification program to go live. This makes it easy for any company to acquire plug-and-play financial services and become a FinTech.
Setu is co-founded by Sahil Kini, former Principal at Aspada Investments, and Nikhil Kumar, former fellow at iSPIRT Foundation where he worked on building a vibrant developer ecosystem for UPI and GSTN, and ex-Exotel, Intuit and Tally.
