In April 2019, the startup raised $3.5 million (approximately Rs 24.5 crore) as a part of a Seed round led by Lightspeed India Partners, with participation from Bharat Inclusion Seed Fund.
At present, it offers open APIs across four categories – bills, savings, credit, and payments. Any developer can access its sandbox to build an application and go through a rigorous developer certification program to go live. This makes it easy for all companies to plug-and-play financial services rather than spend significant effort and time for one-off integrations.
Thus, Setu makes the lives of fintech companies more easier, which would otherwise spend a lot of time going door to door to build their payment and collection pipelines with various online gateways, and in some cases, with banks.
Setu’s current product ‘Collect’ is enabling billers to collect dues, get credit alerts, and push receipts to customers, hence automating the process.
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