Setu
Setu is an India-based fintech infrastructure provider offering modular APIs for KYC, payments (BBPS/UPI), eSign, and consent-based financial data access via its Account Aggregator gateway to banks, NBFCs, fintechs, and digital platforms.
- Company typePrivate
- Founded2018
- HeadquartersBengaluru, India
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Setu does
Setu (legally BrokenTusk Technologies Private Limited) is an India-based fintech infrastructure provider that offers modular APIs and SDKs for payments, KYC/identity verification, electronic signatures, and consent-based financial data access. Its core platform is organized around two product lines: Data (KYC suite covering PAN, Aadhaar, bank account verification, and DigiLocker; eSign gateway integrated with NSDL; Account Aggregator gateway with Smart Routing across 23 financial information types; and Signal IQ, an AI bank statement analyzer) and Payments (BBPS BOU for bill collection, BBPS COU for white-label bill payment, and UPI deeplinks/intent flows across 400+ UPI apps and 3.5M+ offline touchpoints). All API products are exposed through the Bridge developer console with sandbox and production environments, supporting REST architecture with SDKs in Python, Node.js, Go, PHP, Ruby, and Java.
The company has operated as a wholly-owned subsidiary of Pine Labs (publicly listed on NSE) since its June 2022 acquisition. Setu holds three RBI-licensed Payment Aggregator categories (offline, online, cross-border) and an NBFC-AA (Account Aggregator) license, and in January 2026 it consolidated its AA franchise by acquiring 100% of Agya Technologies with RBI approval. Setu monetizes via transaction fees on BBPS and UPI processing, usage-based API/platform access fees, and partner program revenue from banking, tech, integration, and referral partners. Pricing is quote-based and not publicly disclosed. Customers span large banks (HDFC, ICICI, Kotak, Axis), NBFCs (IIFL, Mahindra, Muthoot), fintechs (CRED, ShareChat, Fibe, Kissht, ETMoney, INDmoney), and digital platforms, with go-to-market combining API self-serve onboarding via Bridge with enterprise field sales for banks and large NBFCs.
The company is currently scaling aggressively: in 2025–2026 it launched UPI Setu, Signal IQ, and an agentic bill payments experience on ChatGPT/Claude, recruited senior leaders from Razorpay, PhonePe, NPCI, and Yes Bank, and is in discussions with NPCI to enable autonomous UPI/card payments through an MCP server. The company also operates D91 Labs, an open-source initiative for financial inclusion research. Setu is headquartered in Bengaluru with a nodal officer location in Noida, and serves only the Indian market.
Setu firmographics
Firmographics- Name
- Setu
- Legal name
- BrokenTusk Technologies Private Limited
- Website
- https://setu.co
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Setu is an India-based fintech infrastructure provider offering modular APIs for KYC, payments (BBPS/UPI), eSign, and consent-based financial data access via its Account Aggregator gateway to banks, NBFCs, fintechs, and digital platforms.
- Ownership category
- akta.pro rank
Setu industry classification
Industry- Product category
- Fintech API Infrastructure
- NAICS
- Computer Systems Design and Related Services (54151)
- SIC
- Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)
- akta.pro secondary industries
- Digital Account Opening & Onboarding (eKYC, eSignature, Origination) (FSAGAAAB), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), Processor Back-End & Switch Providers (Issuer/Acquirer Processing Infrastructure) (FSAMABAJ)
Keywords
Where Setu is headquartered
LocationHeadquarters
- HQ city
- Bengaluru
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Setu business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Payment Processing Fees: Transaction fees from BBPS bill collection and UPI payment processing. Merchants pay per transaction for collecting bills and processing payments through Setu's infrastructure.
- API/Platform Access Fees: Usage-based or subscription fees for accessing KYC, Account Aggregator, eSign, and other API products. Businesses integrate Setu's APIs to enable verification, payments, and data access capabilities.
- Partner Program Fees: Revenue from banking partners monetizing regulatory licenses, integration partners building plugins, and VC/consulting partners earning referral credits.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Custom enterprise pricing based on transaction volume and API usage |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels7 records
Setu product offering
Product offeringCore offering
Setu provides a modular fintech API infrastructure platform for businesses in India, offering KYC verification (PAN, Aadhaar, bank account, DigiLocker), Aadhaar-based eSign, India's first Account Aggregator gateway for consent-based financial data sharing, BBPS bill collection and white-label bill payment, UPI payment processing, and AI-powered bank statement analysis. The platform is delivered via REST APIs, SDKs, and pre-built white-label screens, enabling fintech companies, banks, and digital lenders to launch financial products in days rather than months.
Product overview
Setu (BrokenTusk Technologies Pvt. Ltd.) is a full-stack fintech infrastructure platform offering modular APIs and SDKs for payments, KYC/identity verification, and financial data access in India. The core platform is organized around Data products (KYC suite with PAN/Aadhaar/bank verification, eSign gateway, Account Aggregator gateway, Signal IQ for AI-powered bank statement analysis) and Payments products (BBPS BOU for bill collection, BBPS COU for bill payment embedding, UPI for payment acceptance). The portfolio also includes Lending APIs for digital lending journeys, The Bridge developer console, and Agya Account Aggregator (acquired 100% in 2026). Setu operates as a Payment Aggregator (holding all three PA categories: offline, online, cross-border) and NBFC-AA, connecting businesses to NPCI networks (BBPS, UPI), the RBI Account Aggregator ecosystem, and major UPI apps (GPay, PhonePe, PayTM). The company was acquired by Pine Labs in June 2022 and processes transactions enabling loans, insurance, wealth management, and general payments for thousands of businesses across India.
Differentiator
Problem solved
Functional benefit
Brands
- Signal IQ: AI-powered bank statement analyzer with UPI-intelligence layer for smarter underwriting
- D91 Labs
- UPI Setu
- Setu BBPS
- Setu Account Aggregator Gateway
- Setu Lending
- Bridge
Products and services
- Setu KYC Suite of identity verification APIs enabling businesses to verify individuals or businesses during onboarding. Supports Aadhaar-based eKYC, offline Aadhaar KYC (OKYC), PAN verification, bank account verification (penny drop and reverse penny drop), and DigiLocker document access.
- Setu eSign Gateway Aadhaar-based electronic signature service enabling legally binding digital document signing via OTP authentication. Integrates with NSDL for highest conversion rates in eSign transactions, supporting up to 6 signers per document.
- Setu Account Aggregator Gateway RBI-compliant consent-based financial data access gateway enabling FIUs to fetch customer financial data (bank statements, insurance, mutual funds, pension) from multiple FIPs (banks, NBFCs, insurers, depositories). Features Smart Routing for optimized consent conversion.
- Signal IQ AI-powered bank statement analyzer with UPI-intelligence layer that uncovers hidden insights in modern bank statements for smarter underwriting. Processes transaction patterns to generate predictive analytics for lending decisions.
- Setu BBPS BOU (Bill On Us) Bharat Bill Payment System solution enabling businesses to collect recurring payments (loan EMIs, utility bills, insurance premiums) from customers via 400+ UPI apps, bank apps, and 3.5M offline touchpoints. Features real-time dashboards and automated reconciliation.
- Setu BBPS COU (Collect On Us) White-label bill payment solution allowing businesses to embed complete BBPS bill payment experience (bill fetch and payment) into their own apps or websites. Supports pre-built screens with branding customization or full API integration.
- Setu UPI UPI payment solution enabling merchants to accept payments via one-time UPI payment links over email/WhatsApp/QR codes, deeplinks, intent flows, and collect requests. Supports PSP-specific links for GPay, PhonePe, PayTM with sandbox testing available.
- Setu Lending Digital lending API solution enabling banks and lenders to acquire borrowers, offer complete or partial loan application journeys, and get pre-verified leads via Setu's channel partner network.
- The Bridge (Developer Console) Developer console for configuring Setu products, managing product configurations, accessing reports (transactions, settlements up to 250K records), user management (Admin, Developer, Maintainer, Reporter roles), and sandbox/production environment switching.
- Agentic Bill Payments AI-powered agentic experience enabling automated bill management via ChatGPT and Claude. AI agents autonomously fetch bills, identify anomalies, detect irregularities, and ensure timely payments within user-defined rules and limits.
Quantifiable outcome
- Bank account verification drop-off reduced from 18-20% to less than 4%
- +7 more outcomes
Companies that use Setu
Customer profileNamed customers18 records
Segments5 records
Ideal customer profiles4 records
Setu technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
AI capability7 records
Feature8 records
Setu partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core, minor, major and infrastructure.
- National Payments Corporation of India (NPCI)coreSetu's parent company Pine Labs is in discussions with NPCI to enable autonomous UPI and card payments through its Model Context Protocol (MCP) server, allowing AI agents to initiate and complete payments via prompts. NPCI is the regulatory body powering India's payment infrastructure including UPI and BBPS.
- RazorpayminorCompetitor in the fintech infrastructure space; both companies are among India's top fintech infrastructure providers offering payments, KYC, and account aggregator APIs.
- JuspayminorCompetitor and peer among India's top fintech infrastructure companies; both offer payment processing and fintech API solutions.
- Agya TechnologiescoreSetu acquired 100% of Agya Technologies (NBFC-AA) in January 2026 with RBI approval. Agya was previously an associate company of Setu and operates as a certified Account Aggregator and Technical Service Provider in the AA ecosystem.
- Pine LabscorePine Labs acquired Setu (BrokenTusk Technologies) in June 2022. Pine Labs is a publicly listed Indian fintech company. Setu operates as a fintech infrastructure division of Pine Labs, enabling payments, KYC, and data access APIs.
- J&K BankminorPine Labs (parent) partnership for RuPay Credit Card issuance. Setu serves as the infrastructure layer enabling various Pine Labs products and partnerships.
- SBI PaymentsmajorExpanded 12-year strategic alliance between Pine Labs and SBI Payments to accelerate digital payments and commerce solutions across India. Setu benefits as part of the Pine Labs ecosystem.
- NSDL e-GovernancecoreSetu's eSign solution integrates with NSDL for Aadhaar-based electronic signatures. NSDL provides the authentication infrastructure for eSign compliance under UIDAI guidelines.
- Amazon Web Services (AWS)infrastructureSetu stores customer information using AWS cloud platform servers located within India. AWS provides the underlying infrastructure for Setu's operations.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Setu competitors and assessment
Company assessmentDirect peers
- Razorpay: India's leading fintech infrastructure platform offering payments, KYC, and lending APIs. Directly competes with Setu across nearly every product line including UPI, BBPS, account aggregation, and eSign. Razorpay also serves similar enterprise and startup customers.
- Juspay: Indian fintech infrastructure company providing payment processing, UPI, and orchestration APIs. Both Setu and Juspay are recognized among India's top fintech infrastructure providers serving banks, NBFCs, and digital platforms.
- Cashfree Payments: India-based payment API and payment aggregator platform offering payouts, collection, and verification APIs. Competes with Setu in UPI, BBPS, KYC, and merchant-facing payment infrastructure for digital businesses.
Emerging players
- Perfios: Indian fintech infrastructure provider specializing in data, credit decisioning, and verification APIs for lenders and NBFCs. Partial overlap with Setu's KYC, bank statement analysis (Signal IQ), and account aggregation offerings.
- Karza Technologies: Indian KYC and identity verification API provider serving banks, NBFCs, and fintechs. Direct overlap with Setu's KYC suite (PAN, Aadhaar, bank verification) and partially with the Account Aggregator ecosystem.
- IDfy: Indian identity verification and background check API platform serving BFSI and gig economy. Overlaps with Setu on KYC workflows (PAN, Aadhaar, bank verification) and eSign services.
- Signzy: Indian digital KYC and onboarding API platform for banks, NBFCs, and fintechs. Overlaps with Setu on eKYC, video KYC, and bank account verification workflows.
Broad incumbents
- PhonePe: India's largest UPI payment platform with broader consumer and merchant offerings. Setu integrates with PhonePe via UPI deeplinks but PhonePe also offers payment infrastructure APIs that compete with Setu's UPI stack.
- Paytm (One97 Communications): Publicly listed Indian digital payments and financial services giant with payment gateway, BBPS, and banking APIs. Broader-than-Setu offering spanning consumer wallet, merchant payments, and financial services.
Others
- Pine Labs: Publicly listed Indian fintech (parent company of Setu) operating merchant commerce, payments, and lending platforms. Most directly relevant as Setu's parent, distributing APIs into Pine Labs' merchant and bank network.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Setu social profiles
Digital presenceSetu compliance and trust
Trust signalCompliance4 records
Setu financial estimates
Financial estimateRevenue estimate
Valuation estimate
Setu leadership team
Management profileNumber of profiles
Profiles7 records
Setu subsidiaries and ownership
Company hierarchySubsidiaries2 records
Setu funding detail
Funding detailFunding overview
Funding rounds4 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Setu M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Setu
What does Setu do?
Setu provides a modular fintech API infrastructure platform for businesses in India, offering KYC verification (PAN, Aadhaar, bank account, DigiLocker), Aadhaar-based eSign, India's first Account Aggregator gateway for consent-based financial data sharing, BBPS bill collection and white-label bill payment, UPI payment processing, and AI-powered bank statement analysis. The platform is delivered via REST APIs, SDKs, and pre-built white-label screens, enabling fintech companies, banks, and digital lenders to launch financial products in days rather than months.
Is Setu a public or private company?
Setu is a private company. It is classified as corporate owned and is currently operating.
When was Setu founded?
Setu was founded in 2018. It employs 101 to 250 people.
Where is Setu based?
Setu is headquartered in Bengaluru, India, in the Asia region.
How does Setu make money?
Three revenue lines are on record. Payment Processing Fees are the primary driver. The others are API/Platform Access Fees and partner Program Fees.
Who are Setu's main competitors?
Direct peers on record are Razorpay, Juspay and Cashfree Payments. Emerging players are Perfios, Karza Technologies, IDfy and Signzy. Broad incumbents are PhonePe and Paytm (One97 Communications). Pine Labs is listed as an others.
Does Setu have an API?
Yes. Setu offers a comprehensive public API platform for fintech infrastructure services including KYC verification (PAN, Aadhaar, bank account), eSign, Account Aggregator gateway, BBPS (bill payment), and UPI payment deeplinks. The API supports REST architecture with webhook notifications for asynchronous events. Developers can access sandbox environment for testing, comprehensive API documentation, and developer console (Bridge). SDKs available in Python, Node.js, Go, PHP, Ruby, Java. Authentication uses client credentials (x-client-id, x-client-secret). Developer documentation is at docs.setu.co.
What industry is Setu in?
Setu's product category is Fintech API Infrastructure. Its primary akta.pro industry code is FSAGALAA, BaaS Platforms & Sponsor Bank Enablement, with a secondary code of FSAGAAAB, Digital Account Opening & Onboarding (eKYC, eSignature, Origination). Its NAICS code is 54151 and its SIC code is 7373.