Setu, a leading fintech service provider with modular APIs secured USD15 million in a Series A round led by Falcon Edge and Lightspeed Venture Partners US.The round included participation ofcurrent investors Lightspeed India Partners, and Bharat Inclusion Seed Fund.

The fund received by the firm will be used to empower the team, roll out a suite of new products, and improve its technology infrastructure.
Nikhil, Co-Founder said, “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. In April 2019, the startup had raised $3.5 million in a seed round, which was led by Lightspeed India Partners with participation from Bharat Inclusion Seed Fund.

Bejul Somaia, Managing Partner, Lightspeed India Partners, said, "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.”

Setu joins with with financial institutions and looks to enable account creation and management, route payments across networks while absorbing the complexity of regulations for businesses that want to offer financial services to their customers.

The startup 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 programme to go live, said sources

This makes it feasible for all brands to easily access financial services, rather than taking more time & effort time integrations, it stated.