The company said that the model leverages financial data available both internally and externally to help enterprise customers improve their credit underwriting process, detect fraud, monitor loan performance and offer personal finance advisory.
The model’s design is both domain and region-specific, having been trained on custom data relevant to India’s BFSI sector.
“We believe that the powerful combination of the account aggregator framework and transformative technologies like Large Language Models (LLMs) is the key to making this a reality,” Nikhil Kumar, cofounder of Setu said in a statement.
“Just as India has led the way with groundbreaking innovations like Aadhaar and UPI, we are excited to build meaningful, compliant, and responsible AI applications that showcase India’s leadership in Applied AI.”
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Setu, founded in 2018 by Sahil Kini and Kumar, operates in various areas including account aggregation, data gateway, identity verification, embedded finance, Open Network for Digital Commerce, WhatsApp Business, and Bharat Bill Payment Service. The startup was acquired by Pine Labs for around $70- $75 million in 2022.“Generative AI represents a significant step change in the nature of computation… Our collaboration with Setu is an example of bringing this technology to create value in the BFSI space. We showed that we can significantly increase the accuracy of identifying insights from financial statements,” Pratyush Kumar, cofounder of Sarvam AI said.
