Setu

BrokenTusk Technologies Pvt. Ltd. , based in India, operates as a fintech platform, delivering innovative financial services that enhance transaction efficiency and regulatory compliance across various sectors. Founded in 2018 in Bangalore, India, BrokenTusk Technologies Pvt.

Ltd. specializes in providing fintech solutions. The company was formed by a diverse group of founders: Abhishek Bahuguna, Ketan Jain, Nikhil Kumar, Poonam Tyagi, Sahil Kini, Sanjana Puri, and Satish T. The company has raised a total of USD 1,092.

12 mn, with its most recent funding round being an Add-on Trade Sale in June 2022, led by Pine Labs Private Limited, which acquired the company for USD 70 mn. This acquisition marked a significant pivot in their business strategy, enhancing Pine Labs' offerings in the embedded finance space. Setu operates as a comprehensive fintech platform, offering a suite of products and services designed to streamline financial processes and enhance customer experiences across various sectors. Their core offerings include KYC verification, eSign gateways, account aggregation, and payment solutions such as UPI and BBPS.

These tools cater to diverse needs in lending, wealth management, insurance, and banking, facilitating seamless transactions and compliance with regulatory requirements. Setu's technology is utilized by a range of clients, including financial institutions, e-commerce platforms, and startups in India and other emerging markets, enhancing their service offerings and reducing transaction complexity. In the most recent financial year of 2023, Setu generated revenue of USD 1,774,611. 20, with an EBITDA of USD -8,017,361.

The company generates revenue through various transactional models, primarily focusing on B2B partnerships with financial institutions and enterprises. Revenue streams include fees for KYC and account verification services, transaction fees from payments processed through their UPI and BBPS platforms, and charges associated with the use of their eSign gateway. Setu aims to expand its product offerings by designing new financial solutions that will target specific market needs in the next few years. The company is actively exploring entry into new geographic regions, with plans to expand into Southeast Asia by 2025.

The recent funding received from Pine Labs will be strategically utilized to bolster these initiatives, aiding in product development and market entry efforts.