Setu Gets In-principle Nod For Account Aggregator Licence | Startup Central | ET Now
6Setu, an API specialist startup that was bought by Pine Labs recently for $70-75mn—has received an in principle approval from the Reserve Bank of India for an account aggregator licence
Account Aggregators (AA) are non-banking companies that allows users to share data between financial institutions. It eliminates the need for users to provide multiple bank statements, notarised documents etc. The idea is to replace the cumbersome paperwork with a hassle free and secure digital experience.
“So much can be done with an AA licence. We can enable easy business credit to small enterprises or build a wealth management business for the consumer finance company of Pine Labs,” said Setu co-founder Sahil Kiny in an interview to ET Now’s Nayantara Rai on #StartUpCentral. Watch!
#setu #sahilkiny #startupcentral
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