SETL
SETL is a UK-based DLT technology company that builds a high-throughput settlement orchestration platform (LedgerSwarm RLN) for global banks, custodians, central banks and depositories, licensing its 1 million TPS engine to technology partners such as LedgerSwarm.
- Company typePrivate
- Founded2015
- HeadquartersLondon, United Kingdom
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What SETL does
SETL is a UK-based, private technology company founded in 2015 that builds distributed ledger technology (DLT) infrastructure for institutional settlement and payments. Its core product is the LedgerSwarm RLN platform, a DLT orchestration layer built on a proprietary engine that has been tested at 1 million transactions per second and that implements the RLN (Reconciliation Ledger Network) concept to coordinate atomic settlement across multiple internal and external ledgers. The platform is composed of a core orchestration engine plus three use-case modules - Internal Settlement, Cross-Border/Cross-Currency Transfers, and Connectivity to External Ledgers - and is positioned as ledger-agnostic, designed to interoperate with existing core banking and custody systems rather than replace them. SETL also runs the Kitty Hawk Trial pilot program and exposes a developer documentation portal at docs.ledgerswarm.io, indicating an enterprise sales motion complemented by partner-led distribution.
SETL monetises its technology primarily through licensing its 1M TPS engine to technology partners such as LedgerSwarm, which builds and markets settlement-orchestration products on top of SETL's underlying capability, and through bespoke enterprise pilots and professional services engagements with global banks, custodians, central banks and depositories. In May 2023, SETL divested its capital markets division to Delta Capita, a UK-based financial services firm, in a transaction that embedded SETL's DLT technology into Delta Capita's blockchain-enabled offerings and supported Delta Capita's global expansion. The company is privately held, headquartered in the United Kingdom, employs 51-100 people, and has historically been backed by Credit Agricole CIB, Deloitte and a $39 million round in July 2016. Pricing is not publicly disclosed; commercial engagement begins with free consultation and a structured pilot trial before broader deployment on quote-based multi-year terms.
SETL firmographics
Firmographics- Name
- SETL
- Legal name
- SETL
- Website
- https://setl.io
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- SETL is a UK-based DLT technology company that builds a high-throughput settlement orchestration platform (LedgerSwarm RLN) for global banks, custodians, central banks and depositories, licensing its 1 million TPS engine to technology partners such as LedgerSwarm.
- Ownership category
- akta.pro rank
SETL industry classification
Industry- Product category
- Distributed Ledger Technology (DLT) Settlement Platform
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Computer Systems Design and Related Services (54151)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Services-Prepackaged Software (7372), Services-Computer Programming, Data Processing, Etc. (7370)
- akta.pro primary industry
- Settlement, Clearing & Reconciliation for Tokenized Assets (DvP, PvP, netting, post-trade) (FSAPAIAI)
- akta.pro secondary industries
- RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC), Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD)
Keywords
Where SETL is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
SETL business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Technology Licensing / Partner Enablement: SETL monetises its core 1 million TPS DLT engine by licensing or embedding it into partner products such as LedgerSwarm, which is explicitly 'built to be scalable using SETL's 1 million TPS technology'. Revenue mechanics are not publicly disclosed, but the relationship is technology-licensing driven.
- Enterprise Pilot & Implementation Engagements: Prospective customers are funnelled through a 'Kitty Hawk Trial' pilot program and free consultation, suggesting SETL also runs bespoke proof-of-concept and pilot engagements with financial institutions as a pathway to enterprise deployments (professional services / managed engagement).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Kitty Hawk Trial pilot programme with free initial consultation |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
SETL product offering
Product offeringCore offering
SETL develops a proprietary distributed ledger technology (DLT) engine that has been tested at 1 million transactions per second, which is delivered to financial institutions through the LedgerSwarm RLN orchestration platform for atomic, real-time settlement of cash, assets and securities across multiple ledgers (internal, external, cross-border and cross-currency). The RLN architecture enables tokenisation and atomic multi-ledger settlement without requiring customers to replace their existing core banking or custody systems, while maintaining an immutable global transaction order to prevent nostro balance drift.
Product overview
SETL offers a single core product, LedgerSwarm RLN, which is a DLT orchestration platform designed to enable real-time, atomic settlement across multiple ledgers (internal, external, cross-border, and cross-currency) at up to 1 million transactions per second. The platform is composed of a core orchestration engine (LedgerSwarm) that uses the RLN concept to coordinate multi-party settlement, plus three named use-case modules: Internal Settlement, Cross-Border/Cross-Currency Transfers, and Connectivity to External Ledgers. A Kitty Hawk Trial pilot program allows prospective customers to test the platform. The platform also exposes a developer documentation portal (docs.ledgerswarm.io) for technical integration.
Differentiator
Problem solved
Functional benefit
Products and services
- LedgerSwarm RLN A distributed ledger technology (DLT) orchestration layer that uses the RLN (Reconciliation Ledger Network) concept to coordinate atomic settlement across multiple internal and external ledgers in real time. Built on SETL's underlying 1 million TPS technology and tested at 1 million transactions per second, it enables settlement of cash, assets and securities while remaining ledger-agnostic and interoperable with existing core banking and custody systems.
Quantifiable outcome
- Settlement engine tested at 1 million transactions per second
- +2 more outcomes
Companies that use SETL
Customer profileSegments3 records
Ideal customer profiles3 records
SETL technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
SETL partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and flagship.
- Delta CapitacoreDelta Capita, a UK-based financial services firm, acquired SETL's capital markets division in May 2023. The acquisition was structured to enhance Delta Capita's blockchain-enabled offerings and support its global expansion, embedding SETL's DLT technology into Delta Capita's capital markets product portfolio.
- LedgerSwarmflagshipLedgerSwarm is a DLT orchestration layer built on SETL's 1 million TPS technology, implementing the RLN (Reconciliation Ledger Network) concept to enable atomic, real-time settlement across multiple internal and external ledgers. LedgerSwarm uses SETL's engine to deliver three core use cases: internal multi-ledger settlement, cross-border / cross-currency transfers, and connectivity to external ledgers for innovation experimentation.
Scale indicators3 records
Recent moves2 records
Expansion highlights4 records
SETL competitors and assessment
Company assessmentDirect peers
- R3: R3 operates the Corda enterprise DLT platform, widely deployed at banks for interbank settlement, trade finance and capital markets use cases. It is one of the most established enterprise DLT providers competing for the same bank, custodian and depository workloads SETL targets.
- HQLAx: HQLAx operates a DLT-based collateral and securities settlement platform connecting custodians and banks. Its focus on real-time, multi-ledger settlement of securities collateral makes it a direct competitor to SETL's internal settlement and external ledger connectivity modules.
- Digital Asset: Digital Asset builds the Canton Network and Daml smart-contract language for institutional DLT, including atomic settlement of tokenised assets across banks. Like SETL, it targets global banks, custodians and capital markets with ledger-agnostic interoperability and is a direct competitor for institutional settlement workloads.
- Fnality International: Fnality is a consortium-backed DLT platform for wholesale central bank money settlement across global banks. It directly overlaps SETL's cross-border / cross-currency and multi-bank atomic settlement use cases, and competes for the same institutional settlement mandates.
Broad incumbents
- Ripple: Ripple and the XRP Ledger provide enterprise-grade DLT infrastructure for cross-border payments and tokenisation, used by banks and payment providers globally. While broader than SETL, Ripple competes in the cross-border settlement space and is a relevant incumbent benchmark.
- Fireblocks: Fireblocks provides institutional digital asset custody, settlement and tokenisation infrastructure for banks and financial institutions. Its broader product suite overlaps with SETL's tokenisation and settlement orchestration capabilities and addresses a similar institutional buyer profile.
- IBM Blockchain: IBM Blockchain, a major steward of Hyperledger Fabric, provides enterprise DLT infrastructure used by banks, central banks and consortia for settlement and trade finance. It competes with SETL at the platform-infrastructure layer for institutional DLT deployments.
Emerging players
- Quant Network: Quant provides DLT interoperability (Overledger) connecting banks and financial institutions across multiple blockchains and legacy systems. Its interoperability focus is closely adjacent to SETL's ledger-agnostic orchestration value proposition.
- Zodia Markets: Zodia Markets, backed by Standard Chartered and Northern Trust, provides institutional digital asset trading and settlement infrastructure. While more focused on trading, it competes with SETL for institutional settlement mandates and serves a similar bank-grade client base.
- Hedera: Hedera Hashgraph operates a high-throughput public DLT used for tokenisation, settlement and asset issuance experiments. While its public-network model differs from SETL's enterprise focus, it overlaps in performance-oriented token and settlement use cases for financial institutions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
SETL social profiles
Digital presenceSETL financial estimates
Financial estimateRevenue estimate
Valuation estimate
SETL leadership team
Management profileNumber of profiles
Profiles5 records
SETL funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SETL 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 SETL
What does SETL do?
SETL develops a proprietary distributed ledger technology (DLT) engine that has been tested at 1 million transactions per second, which is delivered to financial institutions through the LedgerSwarm RLN orchestration platform for atomic, real-time settlement of cash, assets and securities across multiple ledgers (internal, external, cross-border and cross-currency). The RLN architecture enables tokenisation and atomic multi-ledger settlement without requiring customers to replace their existing core banking or custody systems, while maintaining an immutable global transaction order to prevent nostro balance drift.
Is SETL a public or private company?
SETL is a private company. It is classified as venture growth investor backed and is currently operating.
When was SETL founded?
SETL was founded in 2015. It employs 51 to 100 people.
Where is SETL based?
SETL is headquartered in London, United Kingdom, in the Europe region.
How does SETL make money?
Two revenue lines are on record. Technology Licensing / Partner Enablement is the primary driver. The others are enterprise Pilot & Implementation Engagements.
Who are SETL's main competitors?
Direct peers on record are R3, HQLAx, Digital Asset and Fnality International. Broad incumbents are Ripple, Fireblocks and IBM Blockchain. Emerging players are Quant Network, Zodia Markets and Hedera.
Does SETL have an API?
Yes. A developer documentation portal is available at docs.ledgerswarm.io, indicating API/developer-facing resources exist for the LedgerSwarm platform. No specific details on API type (REST/GraphQL/webhooks), authentication method, rate limits, versioning, or sandbox availability are specified in the source. Developer documentation is at docs.ledgerswarm.io.
What industry is SETL in?
SETL's product category is Distributed Ledger Technology (DLT) Settlement Platform. Its primary akta.pro industry code is FSAPAIAI, Settlement, Clearing & Reconciliation for Tokenized Assets (DvP, PvP, netting, post-trade), with a secondary code of FSAPAIAC, RWA Tokenization Platforms (asset onboarding, structuring, issuance). Its NAICS code is 522320 and its SIC code is 6200.