Setu provides a full-stack fintech platform that simplifies customer onboarding and payment processing through APIs for KYC verification, digital signatures, and financial data aggregation. By enabling seamless access to formal finance services, Setu addresses the challenge of making financial transactions more efficient and accessible for both businesses and consumers.
Funding
$15M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
AWFounders
Product
Problem
Many businesses face challenges in efficiently onboarding customers and processing payments due to complex KYC verification processes, the need for digital signatures, and difficulties in aggregating financial data. This complexity can lead to increased operational costs and a fragmented user experience.
Solution
Setu offers a suite of APIs designed to streamline customer onboarding and payment processing. Their platform provides tools for KYC verification, enabling businesses to quickly and securely verify customer identities using sources like DigiLocker, Aadhaar, and PAN. Setu also offers a digital signature gateway that allows for legally enforceable electronic signatures, and an account aggregator gateway that facilitates access to customer financial data with user consent. Furthermore, Setu provides BBPS (Bharat Bill Payment System) APIs, including both BOU (Bill Presentment and Payout) and COU (Customer Originated Upgrades) options, and UPI (Unified Payments Interface) solutions to simplify payment collection and reconciliation.
Target Audience
Setu's primary customers are businesses in the lending, investment, and payment sectors looking to streamline customer onboarding, automate KYC/AML compliance, and offer a seamless payment experience.
Features
- KYC verification APIs using DigiLocker, Aadhaar, and PAN data sources
- eSign gateway for Aadhaar-verified digital signatures
- Account Aggregator gateway for accessing customer financial data (transactions, balances, investments) with consent
- BBPS BOU APIs for collecting recurring payments across multiple channels
- BBPS COU APIs for enabling bill payments within an application or website
- UPI payment links and QR codes for one-time payments
- Customizable pre-built screens and brand color options
- Comprehensive API documentation and a full-fledged sandbox environment