Indiastack members, Sahil Kini and Nikhil Kumar, raise $3.5million for Setu. It develops low-cost API infrastructure for fintech startups. The seed round funding was led by Lightspeed. It aims to make every company a fintech company.
Bangalore: Lately, FinTech companies seem to catch the eyes of investors. First Cashfree, and now Setu.
Bangalore-based API infrastructure company has raised $3.5 million. The funding came in the seed round capital led by Lightspeed India Partners, with Bharat Inclusion Seed Fund.
The company, operated by BrokenTusk Technologies Pvt. Ltd., will use the funds to build an engineering team and strengthen the technology infra. It will also be used to build a technical layer over the banking system.
Setu (n.): A bridge
Standing right at its meaning, the company aims to build a bridge between the business and the customers. This is clear with its recently launched product – Collect. It helps the merchants collect recurring payments from their customers’ payment app. This feature was much needed and was missing in the new version of the UPI payment stack.
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By making it easy for businesses and developers to integrate with banking and other financial systems, the company’s ultimate mission is to advance accessibility and affordability of financial products for all.
Co-founder, Nikhil Kumar plans to attract developers in the best way possible — HACKATHONS! This will not only let college-level developers participate in it but also build Setu’s contacts with the best swimmers in the pool.
The company’s ultimate goal is affordability and accessibility of financial products for all. This will come by making it simpler for businesses and developers to integrate with financial systems.
With this, the company aims at designing, building and launching new products every year.