Bengaluru based Fintech infrastructure startup Setu has recently disclosed that it has secured fresh funding of US$15 million in Series A funding round driven by Falcon Edge and Lightspeed Venture Partners US along with existing investors Lightspeed India Partners and Bharat Inclusion Seed Fund.
According to regulatory filings, three investors had been issued compulsorily convertible preference shares (CCPS) at a face value of US$ 1.31 each and it carries a premium of US$3684.
According to Setu, fresh funding will be utilized to making its team more efficient and effective to grab the opportunities and a very good proportion of funding will be spent on technology advancement.
Set up by 33-year-old Sahil Kini and 29-year-old Nikhil Kumar with a revolutionary aim to establish the pillars of the current financial technology Unified Payment Interface (UPI), Goods and Services Tax Network (GSTN) and Aadhaar.
Co-founded by Sahil Kini, former Principal at Aspada Investments, and Nikhil Kumar, a former fellow at iSPIRT Foundation, Setu is a fintech platform which is an application program interface provider that helps financial institutions to connect with other companies that wish to provide various financial services to their customers.
Setu provides an application program interface across four categories — bills, savings, credit, and payments. The platform permits developers to its Sandbox to make an application and go through a rigorous developer certification program to go live.
The startup also recently announced that it has developed and had launched ‘Collect’, an API bundle designed for developers to develop their own customized omni-channel collection product.
Fintech startup Setu receives US$15 million in Series A funding round