08th May 2024 – Setu, owned by Pine Labs, has introduced Sesame, a Large Language Model (LLM) named for the Banking and Financial Services Industry (BFSI). Developed in partnership with Indian startup SarvamAI, Sesame is trained on local BFSI data to enhance credit underwriting, fraud detection, loan monitoring, and personal finance advisory for enterprise clients.
Sesame is tailored for the BFSI sector, utilizing custom data to ensure relevance and effectiveness. Setu co-founder Nikhil Kumar expressed confidence in leveraging India’s pioneering initiatives like Aadhaar and UPI, coupled with transformative technologies like LLMs, to drive meaningful and responsible AI applications.
Pine Labs acquired Setu for $70-75 million in June 2022. Setu facilitates financial data consolidation and quick access to services through account aggregator partners.
SarvamAI, founded in July 2023, specializes in developing India-centric LLMs. The startup secured $41 million in Series A funding led by Lightspeed Ventures in December 2023. Co-founder Pratyush Kumar emphasized the potential of generative AI to revolutionize computation, highlighting the collaboration with Setu as a prime example of value creation in the BFSI sector.
Conclusion
The launch of Sesame underscores Setu’s commitment to innovation in the BFSI sector, leveraging cutting-edge technologies like LLMs to enhance financial services. Through collaboration with SarvamAI, Setu aims to drive efficiency, accuracy, and value in banking and financial operations, aligning with India’s leadership in pioneering digital initiatives.
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