Venture capital firm Lightspeed India Partners has led a $3.5-million (Rs 24.5 crore) investment in Setu, a fintech application programming interface (API) infrastructure startup.
This funding will be used to build an engineering team and robust technology infrastructure, the company said in a statement.
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Setu, which runs by the BrokenTusk Technologies Pvt Ltd, partners with the financial institutions, create accounts and manages them, routes the payment across the different networks, and absorbs the complexity of regulations for the businesses who want to offer the financial services to their customers.