The guys behind Aadhar and UPI’s technology now have their own fintech sandbox

Nikhil Kumar and Sahil KiniLinkedIn
  • Sahil Kini and Nikhil Kumar, former Indiastack members, have launched a fintech sandbox called Setu.
  • They have raised a funding of $3.5 million from Lightspeed Ventures and Bharat Innovation Fund.
  • Setu already has a live product called “Collect” which will help digital lenders or businesses collect payments online.
Sahil Kini and Nikhil Kumar, members of Indiastack – the company that was behind the technology for India’s Aadhar and UPI – have launched their own fintech sandbox called Setu. The duo also recently raised a seed funding of $3.5 million from Lightspeed Ventures and Bharat Innovation Fund.

Their newly founded company – Setu aims to build the future of finance. They offer low-cost, modular API infrastructure for bills, credit, savings and payments.

With Setu, which works like a regulatory sandbox (a testing environment where new or untested software or coding can be run securely), fintech developers would get a chance to test their technology before going live.


“Making every company a fintech company - that is the goal. By making it easy for businesses and developers to integrate with banking and other financial systems, the company’s ultimate mission is to advance accessibility and affordability of financial products for all,” said Sahil Kini, co-founder and CEO of Setu to ET.

They have already launched a product called “Collect” which will connect billers to payment apps, where billers (digital lenders, online subscription businesses, insurance companies, mutual funds etc) can use this platform to accept payments.

Both Kini and Kumar come from Indiastack, an organization that provides “a set of APIs (Application Programming Interface) that allows governments, businesses, startups and developers to utilise a unique digital Infrastructure”. Indiastack had received global attention when Prime Minister Narendra Modi mentioned the organization and its uses during his speech at the Singapore Fintech Festival.


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