Setu

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.

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

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

• Fintech API infrastructure
• Payment processing APIs
• Digital identity verification
• Account aggregation services
• Electronic signature solutions

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. Partner Program Fees: Revenue from banking partners monetizing regulatory licenses, integration partners building plugins, and VC/consulting partners earning referral credits.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core 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

Named customers18 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability7 records

Feature8 records

Partnerships

Nine partnerships are on record, tiered core, minor, major and infrastructure.

• National Payments Corporation of India (NPCI)coreTechnology or Integration · 27 May 2026Setu'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.
• RazorpayminorStrategic or Co-development PartnerCompetitor in the fintech infrastructure space; both companies are among India's top fintech infrastructure providers offering payments, KYC, and account aggregator APIs.
• JuspayminorStrategic or Co-development PartnerCompetitor and peer among India's top fintech infrastructure companies; both offer payment processing and fintech API solutions.
• Agya TechnologiescoreTechnology or IntegrationSetu 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 LabscoreOthersPine 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 BankminorStrategic or Co-development PartnerPine Labs (parent) partnership for RuPay Credit Card issuance. Setu serves as the infrastructure layer enabling various Pine Labs products and partnerships.
• SBI PaymentsmajorStrategic or Co-development PartnerExpanded 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-GovernancecoreTechnology or IntegrationSetu'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)infrastructureTechnology or IntegrationSetu 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

Direct 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

• GitHubgithub.com/SetuHQ
• LinkedInlinkedin.com/company/setu-apis

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Setu