Bengaluru-based API infrastructure startup Setu has raised $15 million (Rs 110 crore) in its Series A round of funding from Flacon Edge and Lightspeed Venture Partners US. The round also saw participation from Lightspeed India Partners and Bharat Inclusion Seed Fund.
The company said it would use the funds to expand the team, roll out new products and strengthen its technology infrastructure.
“We want to reimagine financial services for every Indian by enabling developers to build products that weren’t possible before…With this raise, we’re looking for more creators, geeks, and leaders to join our growing tribe,” co-founder Nikhil Kumar said.
Setu offers API (application program interface) integration for fintech players to work closely with regulated entities like banks, NBFCs and others.
It offers open APIs across four categories—bills, savings, credit and payments. Any developer can use its sandbox to build an application and go through a developer certification program to go live, therefore, allowing any company to acquire plug-and-play financial services.
The startup is working on building blocks for digital financial services across Fastag, savings, credit and data.
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