Setu
“Can a single API layer over India Stack (UPI, AA, KYC, BBPS, eSign) become the default infrastructure for every Indian fintech use case?”
Founded2018
HQBengaluru, Karnataka, India
FoundersSahil Kini, Nikhil Kumar
Total raised$15M+ (Series A disclosed)
Latest roundAcquired by Pine Labs
IndustryInfrastructure / Embedded Finance (India)
The story
Setu was founded in 2018 to bridge regulated Indian financial institutions and fintechs via APIs, leveraging India Stack (Aadhaar, UPI, DigiLocker, Account Aggregator). After its 2021 Series A, the company built out a full-stack fintech API platform spanning KYC, eSign, AA, BBPS, and UPI. It was acquired by Pine Labs and now operates under BrokenTusk Technologies Pvt. Ltd., increasingly anchored around UPI Setu (direct NPCI connectivity) and the Account Aggregator gateway under the Anumati Technologies subsidiary.
Product timeline
2018
Setu founded in Bengaluru by Sahil Kini and Nikhil Kumar as a fintech API infrastructure provider· founding
2021
Raised $15M Series A led by Falcon Edge and Lightspeed· funding
2022
Launched Account Aggregator gateway (India's first AA gateway) and acquired by Pine Labs· acquisition
2024
Launched UPI Setu — direct NPCI integration as acquirer/beneficiary bank stack· pivot
The stack
Payments / PSP
UPI Setu (self-operated, direct NPCI integration)Setu BBPS BOU (self-operated)Setu BBPS COU (self-operated)Setu WhatsApp Collect (self-operated UPI deep-link)
Lending
Setu Lending (lead generation + pre-built loan journeys for bank/NBFC partners)WhatsApp loan application journeysLending APIs integrating with bank LOS/LMS/CMS
Open banking
Accounting gap: none