Nikhil Kumar, cofounder of fintech platform Setu, has stepped down from his daily operational role after nearly eight years, according to his LinkedIn announcement. Setu, which offers API infrastructure for bill payments, UPI, and KYC, is owned by Pine Labs and was acquired by the listed fintech unicorn in 2022. Kumar did not disclose his future plans in the post, reflecting on his time at Setu as one of the most important chapters of his life, according to inc42.com.
Kumar co-founded Setu in 2018 alongside Sahil Kini. Before Setu, Kumar founded customer feedback platform Voyce, acquired by Exotel in 2015. Setu operates as a licensed account aggregator and offers Sesame, India’s first large language model tailored for the banking and financial services sector. The Bengaluru-based startup has raised over $18 million from investors including Lightspeed, Falcon Edge, and Alpha Wave Global. The leadership team was expanded last year with new executives such as ex-Razorpay CTO Prashanth Nimmagada, inc42.com reported.
Setu’s API infrastructure addresses growing demand for integrated fintech solutions in India’s digital payments and banking sectors. Its acquisition by Pine Labs in 2022 positioned it within a larger fintech ecosystem, enhancing its market reach. The launch of Sesame, a specialized large language model for BFSI, marks a significant innovation in applying AI to financial services. Setu’s funding and strategic hires reflect the competitive fintech landscape where API platforms and AI-driven services are increasingly vital, according to inc42.com.
Setu has raised more than $18 million to date and continues to operate under Pine Labs, a listed fintech unicorn. Kumar’s departure comes nearly a year after the company bolstered its leadership, signaling a new phase for the startup within the broader fintech market, inc42.com noted.