The company said the model leverages financial data available both internally and externally to facilitate corporate clients streamline the lending process, detect fraud, monitor loan performance and offer personal finance advice.
The model design is both domain and region specific as it has been trained on custom data relevant to the Indian BFSI sector.
“We believe that the powerful combination of an account aggregator platform and transformation technologies such as huge language models (LLM) is the key to making this a reality,” Nikhil Kumar, co-founder of Setu, said in a statement.
“Just as India is leading the way with breakthrough innovations like Aadhaar and UPI, we are excited to build meaningful, compliant and responsible AI applications that demonstrate India’s leadership in applied AI.”
Setu, founded in 2018 by Sahil Kini and Kumar, works in various areas including account aggregation, data gateways, identity verification, embedded finance, open digital commerce network, WhatsApp Business and Bharat bill payment service. The startup was acquired by Pine Labs for approximately $70-75 million in 2022. “Generative AI represents a significant shift in the nature of computation… Our collaboration with Setu is an example of how this technology can be leveraged to create value in the BFSI space. We have shown that we can significantly improve the accuracy of identifying insights from financial statements,” said Pratyush Kumar, co-founder of Sarvam AI.
