SETL

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.

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

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

• Distributed ledger technology
• Blockchain settlement
• Multi-ledger orchestration
• Real-time settlement
• DLT infrastructure

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. 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.
2. 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

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core 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

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core and flagship.

• Delta CapitacoreStrategic or Co-development Partner · 1 May 2023Delta 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.
• LedgerSwarmflagshipTechnology or IntegrationLedgerSwarm 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

Direct 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

• Xx.com/setl_io
• LinkedInlinkedin.com/company/setl

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds3 records

Investors2 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 SETL