Setu AA
Setu AA is the consumer brand of Agya Technologies Private Limited, an RBI-licensed NBFC Account Aggregator enabling consent-based, end-to-end encrypted financial data sharing between banks, mutual funds, and insurers (FIPs) and lenders, insurers, and wealth managers (FIUs) in India.
- Company typePrivate
- Founded2021
- HeadquartersBangalore, India
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Setu AA does
Setu AA is the consumer-facing brand of Agya Technologies Private Limited, an RBI-licensed NBFC Account Aggregator headquartered in Bengaluru, Karnataka. The company received its Certificate of Registration from the Reserve Bank of India on August 31, 2023, authorizing it to operate as an Account Aggregator under Section 45 IA of the RBI Act, 1934 and the NBFC-AA Master Directions, 2016. Its core function is to enable consent-based, end-to-end encrypted financial data exchange between Financial Information Providers (banks, NBFCs, mutual funds, insurers, depositories, pension funds) and Financial Information Users (lenders, insurers, wealth managers, loan apps) operating in India. Setu AA itself does not access, store, or decrypt user financial data; encrypted data flows directly between FIPs and FIUs.
The platform consists of two product surfaces. On the consumer side, a mobile app (with a web app on waitlist at consent-manager.setu-aa.com) lets end users link accounts across supported institutions and view consolidated passbooks spanning bank accounts, mutual fund holdings, equity holdings, and insurance, while controlling consent (pause, withdraw, scope, duration). On the business side, Setu AA offers two API products: an FIU Integration Platform with white-labelled themable UI and sandbox testing for lenders and wealth managers, and an FIP Integration Suite with multi-Account Aggregator connectivity that transforms Core Banking System data to ReBIT FIP specifications. The platform is compliant with ISO 27001, leverages a SOC 2-compliant cloud partner, and aligns its privacy practices with GDPR-like principles.
Commercially, the company uses a usage-based per-fetch revenue model on the FIU side, charging between INR 1 paisa and INR 25 per fetch depending on use case, while the service is free for end consumers. Distribution is API-first and direct, with documentation at docs.setu-aa.com and partnership inquiries handled via the website. As of the available data, Setu AA had no disclosed external funding, 5 employees, and stated it was still in the process of going live with FIP, FIU, and customer onboarding.
Setu AA firmographics
Firmographics- Name
- Setu AA
- Legal name
- Agya Technologies Private Limited
- Website
- https://setu-aa.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Setu AA is the consumer brand of Agya Technologies Private Limited, an RBI-licensed NBFC Account Aggregator enabling consent-based, end-to-end encrypted financial data sharing between banks, mutual funds, and insurers (FIPs) and lenders, insurers, and wealth managers (FIUs) in India.
- Ownership category
- akta.pro rank
Setu AA industry classification
Industry- Product category
- Open Banking Infrastructure
- NAICS
- Finance and Insurance (52)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)
Keywords
Where Setu AA is headquartered
LocationHeadquarters
- HQ city
- Bangalore
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Setu AA business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- FIU Per-Fetch Charges: Agya charges FIUs (Financial Information Users such as loan apps, insurance companies, wealth managers) on a per-fetch basis. The average range is INR 1 paisa to INR 25 per fetch, dependent on the use case. Pricing excludes FIP data supply charges which may be passed on. Pricing applies to current accounts, savings accounts, term deposits, and recurring deposits.
- Free for End Customers: Setu AA does not charge customers for account registration, consent management, or any NBFC-AA services. This is a free service for end consumers who want to view and share their financial data.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Others | Free for End Consumers |
| Usage-based | Pay-as-you-go | FIU Per-Fetch Pricing |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Setu AA product offering
Product offeringCore offering
Setu AA is an RBI-licensed NBFC Account Aggregator that operates as an API-first data-broker between Financial Information Providers (banks, NBFCs, asset managers, insurance companies, pension funds) and Financial Information Users (loan apps, insurance companies, wealth managers). It enables encrypted, consent-based transfer of users' financial data using ReBIT standards, while exposing white-labelled APIs and a multi-AA connectivity suite for businesses, and a consumer mobile/web app for consolidated financial passbooks and consent management.
Product overview
Setu AA is a single unified product operated by Agya Technologies as an RBI-licensed NBFC Account Aggregator. The core offering consists of the Setu AA mobile app (consumer-facing) and Setu AA web app (waitlist access), which together enable users to link financial accounts from multiple institutions and view consolidated passbooks. The platform includes a Consent Management module that lets users control how their financial data is shared. For businesses, Setu AA offers two API products: the FIU Integration Platform allowing lenders, insurers, and wealth managers to access customer financial data through simple API calls, and the FIP Integration Suite enabling banks and financial institutions to connect and share data securely with all Account Aggregators via Setu.
Differentiator
Problem solved
Functional benefit
Products and services
- Setu AA Mobile App RBI-licensed Account Aggregator mobile application enabling end users to link financial accounts (banks, mutual funds, equity/brokerage, insurance, NPS), view consolidated passbooks, and manage consent requests from financial institutions.
- Setu AA Web App Web-based interface for accessing Setu AA Account Aggregator services. Currently available via waitlist for end users to register and manage consents.
- FIU Integration Platform API platform for Financial Information Users (lenders, insurers, wealth managers) to access customer financial data with consent, featuring white-labelled, themable UI, sandbox testing environment, and hassle-free integration with regulatory and technical compliance handled by Setu AA. Priced per fetch from INR 1 paisa to INR 25 depending on use case.
- FIP Integration Suite Multi-Account Aggregator connectivity suite for Financial Information Providers (banks, NBFCs, asset managers) to connect Core Banking Systems and transform data to ReBIT FIP specifications, enabling encrypted consent-backed data sharing to all Account Aggregators. Provided at no extra cost.
Companies that use Setu AA
Customer profileSegments3 records
Ideal customer profiles2 records
Setu AA technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration14 records
Feature5 records
Setu AA partnerships and signals
Strategic signalScale indicators2 records
Recent moves5 records
Expansion highlights4 records
Setu AA competitors and assessment
Company assessmentEmerging players
- Setu (Smallcase fintech infra): Setu is a distinct Indian fintech-infrastructure API platform offering payments, banking, and KYC APIs that intersects with Setu AA's developer-first FIU motion. Despite the similar name, it is a separate company and serves many of the same fintech customers with overlapping API infra.
- Decentro: Decentro is an Indian fintech API platform offering account aggregation, payments, and KYC rails. It overlaps with Setu AA in FIU-side data access and competes for embedded finance integration budgets.
Direct peers
- NDX (NSDL Data Xchange): NDX (formerly NSDL Database Management) is an RBI-licensed Account Aggregator with similar FIP-to-FIU infrastructure. It offers AA services across depository and banking partners and competes head-on with Setu AA.
- Finvu: Finvu is another RBI-licensed NBFC Account Aggregator operating in India, providing the same FIP-to-FIU consent-based data sharing infrastructure. It competes directly with Setu AA for FIU integrations and FIP coverage across banks, mutual funds, and insurance providers.
- OneMoney: OneMoney is an RBI-licensed Account Aggregator offering consent-based financial data sharing across bank accounts, mutual funds, and insurance. It targets the same FIU/FIP segments as Setu AA and competes for lending, wealth, and insurance use cases.
- CAMSFinserv: CAMSFinserv is the Account Aggregator arm of CAMS (which already appears in Setu AA's FIP list). As an RBI-licensed AA it competes for FIU integrations across mutual fund and banking data, leveraging CAMS's existing registrar relationships.
Broad incumbents
- Karza Technologies: Karza is an Indian data, KYB, and verification platform owned by Perfios that touches AA-adjacent financial-data workflows. While not strictly an AA, it competes with Setu AA for FIU use cases around verified financial data on lending decisions.
- Perfios Account Aggregator: Perfios is an established broader Indian fintech data/verification platform with an AA license, offering consent-based data sharing alongside a wider analytics and underwriting suite. It competes with Setu AA both at the AA API layer and in higher-value analytics products.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Setu AA social profiles
Digital presenceSetu AA compliance and trust
Trust signalCompliance3 records
Setu AA financial estimates
Financial estimateRevenue estimate
Valuation estimate
Setu AA leadership team
Management profileNumber of profiles
Profiles9 records
Setu AA funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Setu AA 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 AA
What does Setu AA do?
Setu AA is an RBI-licensed NBFC Account Aggregator that operates as an API-first data-broker between Financial Information Providers (banks, NBFCs, asset managers, insurance companies, pension funds) and Financial Information Users (loan apps, insurance companies, wealth managers). It enables encrypted, consent-based transfer of users' financial data using ReBIT standards, while exposing white-labelled APIs and a multi-AA connectivity suite for businesses, and a consumer mobile/web app for consolidated financial passbooks and consent management.
Is Setu AA a public or private company?
Setu AA is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Setu AA founded?
Setu AA was founded in 2021. It employs 1 to 10 people.
Where is Setu AA based?
Setu AA is headquartered in Bangalore, India, in the Asia region.
How does Setu AA make money?
Two revenue lines are on record. FIU Per-Fetch Charges are the primary driver. The others are free for End Customers.
Who are Setu AA's main competitors?
Emerging players on record are Setu (Smallcase fintech infra) and Decentro. Direct peers are NDX (NSDL Data Xchange), Finvu, OneMoney and CAMSFinserv. Broad incumbents are Karza Technologies and Perfios Account Aggregator.
Does Setu AA have an API?
Yes. Setu AA offers APIs for Financial Information Providers (FIPs) and Financial Information Users (FIUs). FIPs can connect their Core Banking System (CBS) and transform data to match ReBIT FIP specifications. FIUs can access financial data through simple API calls for use cases like loans, insurance, and wealth management. The platform provides a sandbox environment for testing mock flows including user registration, data requests, consent approvals, rejections, and expiry. Setu AA handles regulatory and technical requirements for seamless integration. Developer documentation is at docs.setu-aa.com.
What industry is Setu AA in?
Setu AA's product category is Open Banking Infrastructure. Its primary akta.pro industry code is FSAGALAA, BaaS Platforms & Sponsor Bank Enablement. Its NAICS code is 52 and its SIC code is 6199.