Setu has raised $15 million (Rs 110 crore) in its Series A spherical of funding led by New York-based funding agency Falcon Edge Capital and Lightspeed Venture Partners US, the Bengaluru-based fintech API infrastructure startup introduced on Wednesday.The firm’s present traders—Lightspeed India Partners and Bharat Inclusion Seed Fund—additionally participated in the brand new financing spherical, Nikhil Kumar, co-founding father of Setu, wrote in a submit on Medium.
“We need to reimagine financial services for each Indian, wealthy or poor, by enabling builders to construct merchandise that weren’t attainable earlier than. Patience, capital, experimentation, and stellar execution are important to make this magic occur,” Kumar mentioned.
In the previous few months, we now have spent a major period of time making an attempt to border the issue, discover distinctive perception… https://t.co/u6CITRwUrM
— Nikhil Kumar (@nikhilkumarks) 1586944003000
The startup will use the capital to primarily strengthen its group, roll out a collection of recent merchandise, and enhance its expertise infrastructure, he mentioned.Setu permits builders to entry its platform, and construct functions that then bear a developer certification program, earlier than going stay. It presents open APIs throughout 4 classes—payments, financial savings, credit score, and funds.“By supplying the critically needed ‘pipe’ infrastructure that allows traditional and non-traditional financial products to reach a new class of Indian consumers, Setu can drive the sachetisation of the traditional financial product while enabling traditional public and private lenders to reach a wider cross-section of India in a digitally enhanced manner,” Navroz Udwadia, managing associate at Falcon Edge, mentioned.
The funding comes a few yr after Setu raised $3.5 million in a seed spherical led by Lightspeed India Partners and Bharat Inclusion Seed Fund. Kumar, who was previously with tech-targeted foyer group Ispirt Foundation, co-based Setu with Sahil Kini, who labored with LGT Lightstone Aspada earlier.
“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,” Bejul Somaia, managing associate at Lightspeed India Partners, mentioned.
The firm is at present engaged on basic constructing blocks for digital monetary companies throughout FASTag, financial savings, credit score and knowledge, in keeping with Kumar, who can be the chief evangelist at Setu.
“We are on a decades-long path to building financial infrastructure that will be used for generations to come,” Kini, chief government of Setu, mentioned.