Agya Technologies (Setu Account Aggregator) was founded in 2018 in Bangalore. The company started by building APIs for banking, payments and credit which were widely used by fintech and financial institutions. It raised funding from Lightspeed and Sequoia India during its early growth years. In 2021 it received its Account Aggregator license. A year later in 2022 the company was acquired by Pine Labs, a major fintech player in India.
This blog explores how Setu AA works, the range of services it offers, and the benefits it brings to both users and financial institutions.
Overview of Setu Account Aggregator and its Services
| Aspect | Details |
|---|---|
| Operator | Agya Technologies (founded 2018, acquired by Pine Labs in 2022) |
| License | Received Account Aggregator (AA) license from RBI in 2021 |
| What It Does | Enables individuals and businesses to securely share financial data with consent |
| Core Strengths | Technology-first approach, API expertise, developer-friendly integration |
| Key Services | Income verification, credit assessment, investment data sharing, consent-based data flows |
| Clients & Partners | INDmoney, OneCard, ET Money, and other leading fintechs and banks |
| Value for Users | Faster access to loans/credit cards, no paperwork, full control over data sharing |
| Value for Institutions | Access to verified, source-level data → reduces fraud, improves lending quality |
| Unique Edge | Combines regulatory compliance with smooth API-driven solutions, strengthened by Pine Labs’ network |
What is Account Aggregator?
An Account Aggregator is a framework introduced by the Reserve Bank of India (RBI). It allows users to share their financial data digitally and securely, with consent. Instead of uploading documents or statements, users can grant access through a simple and secure process. If you want to learn more about Account Aggregator we have made a comprehensive guide.
Services offered by Setu Account Aggregator
1. For Consumers
- Linking of bank accounts, deposits, and investment accounts through a single platform
- Consent-based sharing of financial data for faster loan processing and credit assessments
- Tools for income and investment verification without the need for physical paperwork
2. For Financial Information Providers (FIPs)
APIs that allow fintechs and banks to integrate AA flows directly into their digital journeys
3. For Financial Information Users (FIUs)
Support for building customized financial solutions on top of Setu’s API infrastructure
These services are designed to reduce paperwork, cut waiting times, and give people greater control over their financial data.
How Setu Account Aggregator Works (Step-by-Step Process)
Setu AA follows a consent-based process that is simple for users and secure for financial institutions. The main steps are:
1. User Applies for a Loan or Financial Product
When a user applies for a loan, credit card, or any financial service on an app or website, the platform needs verified financial data—such as bank statements or transaction history—to assess eligibility.
2. App Requests Financial Data Through Setu AA
The app sends a secure request via the Setu AA network, asking for the specific financial information needed to process the application.
3. User Sees a Consent Screen
Before any data is shared, a clear consent screen appears showing:
- What financial data will be accessed
- Why the data is being requested (purpose)
- How long the data access will remain valid
This ensures complete transparency and control for the user.
4. User Selects Accounts and Approves the Request
The user chooses which bank accounts to link, enters the OTP for authentication, and approves the consent request.
No passwords or sensitive credentials are ever shared.
5. Setu AA Fetches and Delivers Data Securely
Setu AA retrieves the requested information from the bank or Financial Information Provider (FIP) and transfers it securely to the requesting app or Financial Information User (FIU).
All data remains encrypted end-to-end.
6. User Can Revoke Access Anytime
A key benefit of the AA system is user control.
The user can revoke consent at any time, immediately stopping all further data sharing with the app.
Who works with Setu Account Aggregator?
Setu’s services are trusted by big names like INDmoney, OneCard, ET Money, and many more. The Setu AA framework works in the background, taking care of building seamless user-consented data sharing journeys, while businesses can focus on their core operations. Some of the major use cases of Setu’s services include:
- Income Verification
- Loan Monitoring
- Personal Finance Management
By eliminating the traditional verification process like PDFs which takes both time and money, Setu helps its partners complete these tasks within seconds.
Benefits of using Setu Account Aggregator for Users and Banks
1. Benefits of using Setu Account Aggregator for Users
The biggest benefit of using Setu AA is speed. When someone applies for a loan or a credit card, their financial data can be shared in seconds instead of waiting days to collect and submit documents. This makes the process smoother for both the customer and the lender.
2. Benefits of using Setu Account Aggregator for Banks
For banks and fintech companies, the benefit comes in the form of verified data. Since the information flows directly from the source, it reduces the chances of errors or fraud and improves the quality of lending decisions.
Setu Account Aggregator vs Other Account Aggregators (CAMSFinServ, Finvu, etc.)
| Factor | Setu | CAMSFinServ | Finvu |
|---|---|---|---|
| Network & Setup | Backed by Pine Labs, headquartered in Bengaluru and they have 18 FIPs live with them | Part of MF registrar CAMS, they are headquartered in Chennai and 61 FIPs live with them | Backed by VCs, headquartered in Pune they have 61 FIPs live with them |
| Data Handling | Tech-first approach with API-driven infrastructure; optimized for smooth plug-and-play integrations. | Primarily compliance-focused, handling financial data with high security and oversight. | Offers unique AA IDs to customers to simplify customer journey end-to-end. |
| Role & Flexibility | Developer-friendly AA designed for fintech adoption with high flexibility in integrations; uses the network of Pine Labs for supplementary services. | Natural fit for traditional institutions like banks, insurers, and asset managers. | Acts as an AA catering to fintechs and institutions; also has an in-house TSP. |
| Differentiators | Blends regulatory compliance with fintech-first usability; Pine Labs’ backing connects it to merchants and payments ecosystem. | Reputation from decades of mutual fund industry services ensures high trust. | Early VC support and a large number of FIPs onboarded. |
Future Roadmap of Setu AA
1. Better Loan Journeys
Many users still drop off when asked for consent during loan applications. Setu is working on making these consent steps simpler so that more people complete the process without confusion.
2. Support for Small Businesses
Shopkeepers and small merchants often find it tough to get loans because they cannot show steady income. With Pine Labs’ merchant network, Setu is aiming to use AA data to design easier credit options for this segment.
3. Expanding Data Coverage
Right now most activity is around bank accounts. Over time, Setu wants to bring in more data like GST records, pensions and insurance so users can share a full financial picture.
4. Ongoing Credit Checks
Instead of just one-time data sharing, Setu is looking at use cases where lenders can check financial health at regular intervals with user approval. This can help with loan renewals and top-ups.
FAQs on Setu Account Aggregator
1. What is Setu Account Aggregator and who operates it?
Ans: Setu AA is an Account Aggregator licensed to help people share their financial data safely with consent. It is operated by Agya Technologies, a Bangalore based company acquired by Pine Labs in 2022.
2. When did Setu Account Aggregator get its license?
Ans: Setu AA received its Account Aggregator license in 2021, becoming one of the early players in India’s AA ecosystem.
3. What services does Setu AA provide?
Ans: Setu AA lets users link bank accounts, deposits and investments and share this data securely. It also offers APIs for banks and fintechs to integrate AA flows into their apps.
4. How can a person use Setu AA in daily life?
Ans: Most people use Setu AA while applying for loans, signing up for credit cards or using apps like INDmoney, ET Money or OneCard. It shows up as a consent screen where the user approves data sharing.
5. How is Setu AA different from other Account Aggregators?
Ans: Setu AA stands out because it comes from a strong API background. It is seen as developer friendly and has the added strength of Pine Labs’ wide merchant and fintech network.
6. Is Setu AA safe to use?
Ans: Yes, Setu AA is licensed by RBI. By law Account Aggregators are data blind so they can’t access the data at any point of time; the whole system is consent based so access can be withdrawn at any time.
7. Does Setu AA store my financial data?
Ans: No. Setu AA does not store any financial data. It only passes information from the source account to the institution that the user approves, with full encryption.
8. How to learn more about Setu AA?
Ans: To learn more about Setu AA click here.
Conclusion:
Setu AA, operated by Agya Technologies, has established itself by blending strong technology with real-world financial use cases. Starting as an API builder and later becoming a licensed Account Aggregator, the company has consistently shown adaptability and growth.
With backing from Pine Labs and partnerships across the financial sector, Setu AA is positioned to remain a leading player in this space. Its platform delivers speed, safety, and user control in data sharing. These factors will be crucial as more Indians adopt Account Aggregators in their everyday financial activities.
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