“Can a single API layer over India Stack (UPI, AA, KYC, BBPS, eSign) become the default infrastructure for every Indian fintech use case?”
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.
Setu processes payments through UPI Setu (self-operated, direct NPCI integration), Setu BBPS BOU (self-operated), Setu BBPS COU (self-operated) and Setu WhatsApp Collect (self-operated UPI deep-link). Disclosed money-movement rails: UPI.
Setu connects to bank accounts through Setu Account Aggregator gateway (self-operated, RBI-licensed AA framework, via Anumati Technologies).
The Embedded Finance Index 2026 maps 4 layers in Setu's stack: Payments / PSP (UPI Setu (self-operated, direct NPCI integration), Setu BBPS BOU (self-operated), Setu BBPS COU (self-operated) and Setu WhatsApp Collect (self-operated UPI deep-link)); Money movement (UPI); Lending (Setu Lending (lead generation + pre-built loan journeys for bank/NBFC partners), WhatsApp loan application journeys and Lending APIs integrating with bank LOS/LMS/CMS); Open banking (Setu Account Aggregator gateway (self-operated, RBI-licensed AA framework, via Anumati Technologies)).
Setu was founded by Sahil Kini and Nikhil Kumar and is founded in 2018, headquartered in Bengaluru, Karnataka, India.
Setu has raised $15M+ (Series A disclosed) in total (latest round: Acquired by Pine Labs).
Get a read on where your own stack stands against Setu and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.