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 fintechs 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.
An Account Aggregator is a framework introduced by the Reserve Bank of India (RBI) that allows people to share their financial data digitally in a safe and consent-based manner. Instead of uploading documents or bank statements, users can approve data sharing instantly through a secure platform and Setu AA is one of the 16 account aggregators in India.
These services are built to reduce paperwork, cut down waiting time, and give people more control over their data.
Setu AA follows a consent-based process that is simple for users and secure for financial institutions. The main steps are:
Setu’s AA related services are powered by multiple licensed NBFC-AA partners. The AA framework opens up a lot of opportunities for FIU apps to build financial user journeys with seamless user consented data sharing. This allows developers to build tech-first user applications and features powered by digital data sharing flows over conventional PDF documents upload. Some of the use cases worth exploring:
It works in the background of many popular and well known financial apps like INDmoney, OneCard, ET Money and many more. Most people see a separate Setu app but will see its name during digital journeys like:
A typical process goes like this: a user applies for a loan in an app, the app asks to link a bank account through Setu AA, the user enters account details and approves consent, and the data flows instantly. What earlier took days of manual document collection can now be done in minutes.
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.
Another important benefit is control. Users get to decide which accounts to link, what type of data to share and for how long the access should remain valid. The entire process is consent based and the data is encrypted during transfer. Since Setu AA does not store information, users can be assured that their privacy is protected.
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.
Most Account Aggregators in India focus mainly on providing the basic consent framework. Setu AA is slightly different because it comes from a background of building financial APIs. This gives it an edge in technology and ease of integration.
While other AAs like CAMSFinServ and Finvu are seen more as compliance driven entities, Setu AA is more developer friendly and is often chosen by fintechs looking for smooth plug and play solutions. The backing of Pine Labs also adds strength, since it connects Setu to a large network of merchants and payment partners.
In simple terms, Setu AA positions itself as a tech first Account Aggregator that blends regulatory compliance with practical use cases for modern fintechs.
Its is moving beyond just basic data sharing and is focusing on a few clear areas of growth:
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.
Setu AA received its Account Aggregator license in 2021, becoming one of the early players in India’s AA ecosystem.
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.
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.
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.
Yes Setu AA is licensed by RBI. By law Account Aggregators are data blind so they cant access the data at any point of time they can only facilitate the transfer of data, also every data share is consent based, fully encrypted and under the user’s control. Access can be withdrawn at any time.
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.
To learn more about Setu AA click here.
Setu AA, operated by Agya Technologies, has built its position by combining strong technology with practical financial use cases. From its early years as an API builder to becoming a licensed Account Aggregator, the company has shown an ability to adapt and grow.
With the support of Pine Labs and a growing number of financial partners, Setu AA is likely to remain one of the more active players in this space. It brings speed, safety and control to data sharing, which will be central as more Indians start using Account Aggregators in their everyday financial lives.
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