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<ul><li>Sahil Kini and Nikhil Kumar, former <keyword id="3512676" type="PERSON" weightage="20" keywordseo="IndiaStack">Indiastack</keyword> members, have launched a <keyword id="2461546" type="PERSON" weightage="20" keywordseo="FinTech">fintech</keyword> sandbox called <keyword id="86111" type="ORGANIZATION" weightage="20" keywordseo="Setu">Setu</keyword>. </li><li>They have raised a funding of $3.5 million from Lightspeed Ventures and Bharat Innovation Fund. </li><li>Setu already has a live product called “Collect” which will help digital lenders or businesses collect payments online.</li></ul>Sahil Kini and Nikhil Kumar, members of Indiastack – the company that was behind the technology for India’s <keyword id="155319" type="COMPANY" weightage="20" keywordseo="Aadhar">Aadhar</keyword> and <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> – have launched their own fintech sandbox called Setu. The duo also recently <a href="https://entrackr.com/2019/04/sahil-kini-nikhil-setu/">raised </a> 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 <a href="https://tech.economictimes.indiatimes.com/news/startups/api-infrastructure-startup-setu-raises-3-5m-led-by-lightspeed-india/68822844">ET</a>. 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 <a href="https://www.huffingtonpost.in/2018/06/06/after-beta-testing-on-a-billion-indians-the-tech-behind-aadhaar-is-going-global_a_23452248/">global</a> attention when Prime Minister Narendra Modi mentioned the organization and its uses during his speech at the Singapore Fintech Festival. See Also: <a href="https://www.businessinsider.in/why-the-government-wants-more-from-indias-booming-digital-lending-market/articleshow/65778046.cms">Why the government wants more from India's booming digital lending market</a> <a href="https://www.businessinsider.in/from-mswipe-to-poynt-startups-are-investing-in-smart-billing-machines/articleshow/68684412.cms">A lot of money is flowing into making 'smart' billing machines in India</a>

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

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

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