Pete
@PeteJaison
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I don’t Pete around the bush | Leading Growth and Marketing at a B2B fintech, @Setu_API | previously @Razorpay @Razorpayx @nearbuy
Bengaluru, India
Joined August 2016
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Pinned Tweet
Heard this in a bank meeting:
Mumbai banker: You Bangalore people don't know anything about finance. You understand a bit of tech and then, call it fintech. We've been doing this for 10 years and we still call it banking
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I’m at the Indian fintech festival and just heard that the food counter does not accept any payment mode except cashhh lol fml
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Two interesting insights I heard from a meeting with a large lender (NBFC)
1. If a user completes their loan application process in under 5 minutes, there is a high chance that the customer might default
2. If a user has a gaming app installed on their device, or has made
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Spoke to a chap I know at Zepto and he mentioned that Aadit dropped a mail to all employees and told that Zepto never entertained any offer and explicitly mentioned that he would NEVER sell Zepto.
He added that Zepto is on track to be a 10 billion USD company in the next 2
🚨🚨 Flipkart offered to acquire Zepto for less than $2 bn earlier this year. Zepto came back with a $3 bn counter.
Did not work out.
Outcome: Now, Flipkart is preparing to launch quick commerce on its own. Zepto is raising money at $3 bn.
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Hmm I always felt this chap was a lil shady
Who is the real Ravisutanjani? And why is he faking it?
An explosive thread unmasking him 🧵 1/n
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The pharmacy shown in the picture below processes INR 4 crores worth of monthly payments.
Domestic Money Transfer or DMT Industry is a lesser known industry to most of us. They are not hugely popular among VCs but are deeply entrenched in the financial services space.
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Has the Penny Dropped?
Reverse Penny Drop— The future of bank account validation. For all of us fintech nerds, Bank account validation or Penny drop are commonly used jargon.
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Hold off on buying that AC. In a month’s time the city will be submerged and then a submarine might seem like a better buy
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The first edition of super cool PFM apps to check out
1.
@foldmoney_
Fold is one of my favourite PFM apps. Fold allows its users to connect their bank accounts to the app and help them understand spending at a granular level. Using fold, we can bucket your daily transactions
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I know this sounds cliché but here I go.
Two years ago, I joined
@Setu_API
with the aim of understanding India's vibrant fintech space at a core level. I was eager to learn as much as I can, and I can truly say the last 2 years have exceeded all my expectations.
Working with
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Even with UPI Autopay, the challenges with recurring payments in India have still not been solved.
As most of us know, collecting recurring payments in India has always been a pain.
Multiple reasons like poor success rates, lack of coverage, evolving regulations, and horrible
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I frequently use the payment gateway analogy when I'm talking about Account Aggregators.
Large online businesses, like say Flipkart, utilize multiple payment gateways due to the risks associated with relying on just one. Payment failures and bank downtimes are still common, and
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Sesame - India’s first Large Language Model (LLM) is specifically designed for the BFSI sector. Developed in collaboration with AI firm , this breakthrough marks a "ChatGPT moment" in financial services.
Sesame leverages the rich data ecosystem enabled by
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One of the best advices I got while joining a new company was not to rush to change every broken process from Day 1. While its important to hit the ground running from the start, it is equally important to understand the several iterations that led to a certain process..
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It's not even funny how many times I mistake
@TheKenWeb
's weekly Ka-Ching! newsletter for
@RazorpayX
's Cha-ching! salary credit 😭
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There might be a problem brewing in the Account Aggregator ecosystem. AAs are RBI-regulated entities that enable regulated entities—think Banks, NBFCs, Stock brokers—to fetch data of users for offering some financial service like a loan, demat account opening or even a policy.
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Great initiative to increase traffic
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Did you notice high failures on DigiLocker yesterday? What if I told you that this is related to the Paytm issue?
On one hand, Paytm has been instructed to halt onboarding for Paytm payments bank due to concerns about the misuse of PAN data. According to reports, multiple users
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Thanks to all the guests for the amazing turnout and conversations at The F-word fintech meetup @
@Setu_API
Full jolly
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Guess whose tweet got featured in the latest
@IndiaQuotient
report?
Thanks
@Rahul_J_Mathur
for pointing it out!
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While this is true, unfortunately, in order to make monies in India as a B2C UPI app, you have only a few options:-
1. Embedded bill payments via BBPS (Electricity, water, mobile recharge, Fastag etc)
2. Banner Ads
3. Loans and Insurance (direct and indirect)
4. P2P and P2M
Is it just me or does the new Paytm homepage look super similar to PhonePe? The layout, hierarchy of elements, icon styles.. 🤔
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@kunksed
If they’re using personal UPI apps to collect payment there’s no other way afaik. If they’re using a UPI business account, they can opt for end of day settlements which will come as a single txn. I’m assuming it’s the former you’re talking about
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A dating app for fintech folks called Fumble
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Every Indian B2B fintech company needs at least 2 out of 3 revenue channels. The best ones will have all 3 clicking for them 🧵
1. Velocity-based.
2. Float-based.
3. Large contracts.
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Happy to see
@Setu_API
and our Account Aggregator case study with Snapmint featured in the Indus Valley Report!
@atreya9629
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Happy to share
@GauravNoronha
and
@TheKenWeb
's article on UPI transactions and cite
@Setu_API
's work, with my quotes.
UPI transactions in a bank statement are a gold mine for a lending institution to understand the risk profile of borrowers, suspicious payment behaviours,
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As working professionals, we tend to make our work sound more complicated than it really is. Working on complex problems signals our intellect to the world in some sense. One of the best pieces of advice I’ve gotten is to ALWAYS simplify work—in our head, in our words, in our
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Achieved my childhood dream of being Santa Claus for Christmas 🎅 I’m sooo back lol
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Hi - a few of us have started a YT series—The Indian Startup Desktop —a video series that dives into the Indian startup scene.
We cover everything from innovations to controversies and missteps (read elafdas) every month.
Our aim is to provide a
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Super excited to use AA in
@foldmoney
! One of the cleanest UIs around. Kudos to
@meakaakka
and team for embracing the AA infra and continuing to push the envelope!
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Reverse penny drop is an industry-first product built by Setu that involves the user making a 1 rupee UPI payment. We pull out information from the credit alert and provide the name of the account holder, account number, UPI handle and IFSC code in the response. Tada!
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Payment gateways folks during the RBI ban: " Payments is dead"...." This market has already been captured"..." Neo-banking and Credit has way more potential now"
Payment gateway folks after RBI lifted the ban: "LFGG"..."Take 0% MDR"..." We're here to win"..." Payments industry
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You’ve probably never heard of Mindgate or Sarvathra.
But here's a fact - these two companies are silently powering the fintech revolution in India.
Mindgate and Sarvathra are technology service providers who work closely with Indian banks. They're like the backstage crew in a
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Your boy is becoming famous
Heard this in a bank meeting:
Mumbai banker: You Bangalore people don't know anything about finance. You understand a bit of tech and then, call it fintech. We've been doing this for 10 years and we still call it banking
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Good day today. Rolled out offers to our two talented young interns today. It's been rewarding to play a small part in their careers. Feeling grateful ❤️
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In today’s edition of cool PFM startups to watch out for..
Meet
@add_axio
(formerly known as Walnut), the OG of PFM in India!
With its roots as Walnut, Axio has been a trailblazer in shaping how India manages money. It’s not just an app, it’s a legacy. Axio effortlessly brings
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In today’s edition of cool PFM startups to watch out for..
Introducing Kniru—the AI-driven financial advisor that fits snugly in your pocket!
Kniru is set to revolutionize the PFM space with its smart, automated, and personalized financial insights. Imagine having a trusted
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At its core, DMT companies like SpiceMoney, Novopay and Sub-K provide small businesses—think small pharmacies, mobile recharge shops, vegetable vendors—with an alternate form of revenue by enabling them to power money transfers, bill payments and more to migrant workers.
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Today’s onam celebration day in office I couldn’t be more excited to down glasses of Palada
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For every UPI payment, two balance checks occur.
Enabling a user to check their bank balances in real-time is a big use case in India. We, Indians are mostly careful with money so it’s only understandable that most of us feel like checking our balances almost immediately after
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Hey Twitter fam, we're hosting the third edition of The F-word event— a meet-up for fintech operators in Bangalore. Would like to invite all fintech nerds! Please register here –
@nikhilkumarks
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So today we got acquired by India’s largest Fintech company. Here are my thoughts
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People comparing the rates on ONDC to Swiggy and Zomato are missing the larger play 🧵
While the introduction of ONDC will ensure that citizens get the “fairest” pricing and SMBs get enough share of the pie, it was NOT to kill the marketplace business.
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Planned to WFH today until I realised today’s Biriyani day in office. Gtg
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Hello Fintech fam,
We're hosting a meet-up tomorrow for fintech operators in Bangalore!
The focus for the evening is on Account Aggregators - one of the hottest topics in the Indian fintech space. Come together with other operators who are building on the Account Aggregator
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@praneshbuilds
Yeah it could also be his way of telling his employees that they're in for the long haul. If he says something like - yeah we might sell at the right offer - it can lead to internal chaos no?
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We, at
@Setu_API
(your friendly neighbourhood fintech nerds), have launched Reverse Penny Drop— a product that helps companies validate bank accounts without having to collect a customer’s account details.
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Cross-functional communication is not easy or straightforward.
At Setu, we recognized that it is a cornerstone for successful cross-functional collaboration.
We've incorporated Amazon's style of writing within our teams, aiming to better efficiency in our collaborative efforts.
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I recently won a reward through Cred.
70% off on skullcandy gadgets! Woah I was thrilled. I purchased a 30K headset for 8K, satisfied with myself and my luck.
Two minutes later, saw a skullcandy Ad where they were offering flat 65% off across all products.
Reminder to myself -
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Excited to be attending the Global Fintech Fest tomorrow! Can't wait to meet fellow fintech operators and jam on the future of finance. Let's connect and innovate together! 🌐
#GFF
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Setu's fintech mixer—The F-word—is back!
Fintech founders and operators (read fintech nerds), do register on the link below
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@gang0war
Nobody said that but fuckkery like this tends to attract second-order effects that's not good for anyone tbh
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Guess who's powering ICICI's 'Personal Finance Management' module? 👀
@sakshamm_bansal
@atreya9629
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An underrated moment in Indian fintech. GST data is available on Account Aggregator. This was a year long effort that involved several stakeholders. Huge thanks to the
@sahamati
team for achieving this!
Could this be the UPI moment for B2B lending? Here’s the GST data tale on Account Aggregator
—
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The importance of a Business Development head has never been as high as it is right now. I have personally seen up close how the wrong BD hire can not only stall the growth of your business but create a culture of stagnation that will take months to get over.
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Urgently looking for a freelance video editor for a project I'm working on! Pls tag folks you know or RT
@PavanKamat24
@sakshamm_bansal
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We'd conducted research on personal finance after speaking with 250+ users.
Here are some broad patterns we observed—
1) User Demographics and Behaviour:
i) Active Account Usage: Approximately 70% of respondents maintain multiple bank accounts, but usage varies with higher
I've been speaking about personal finance management for the last several months.
In order for us to go deeper in this, we need to understand how consumers think about their financial data.
We've created a short survey for this. Please take a few mins and help fill up this
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In today’s edition of cool PFM startups to watch out for..
Introducing
@SaveRightHQ
(
@harishsai21
)
Boost your take-home salary with SaveRight.
They're one of the most unique PFM apps yet— specializing in optimizing asset allocation based on your net worth.
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Well to be fair, we had nothing to with
@CRED_club
's product launch but
@Setu_API
has an API that can enable any company to embed 'Fastag' recharges as a feature in any app.
Apps like
@driveu_in
and
@ACKOIndia
are using our APIs to facilitate their user's Fastag recharges!
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I’m confident Groww will soon become number 1
Yesterday I was having a chat with my friend telling him how Zerodha is the undisputed leader in the Market and No other broker can also come near Zerodha
He said, by next near I won't be surprised if Groww becomes bigger than zerodha.
(Note: We are looking at active clients
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Inter-team culture is super important for business teams.
In my first few years of working, I recollect the sales head jokingly asking in a daily huddle- ‘who are we going to scam today?’ And the entire team laughed, slapped their knees and mentioned a bunch of clients who they
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@chaitanyarshah
They said that a legit loan applicant will
take their own time to read every terms and conditions. They added that users who complete the application in a few minutes have applied for several other loans and 60% of the cases lead to defaults
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Conversions are the north star metric for any onboarding journey.
With
@Setu_API
's dashboard—known as The Bridge—PMs can obsess over their product's onboarding metrics, and understand funnels and drop-off reasons.
Please check it out here— and send some
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It’s so funny when senior employees call CEOs as fearless leaders 🤣 They’re just running a company not leading a band of immigrants past borders
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I'm thrilled to announce the release of Setu's latest whitepaper, 'Breaking Barriers, Building Bridges: Paving the Way for a Flourishing Account Aggregator Ecosystem in India'.
This comprehensive guide dives into the transformative potential of the Account Aggregator model.
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The impact of DMT services extends far beyond mere financial transactions. For migrant workers, often hailing from rural areas with limited access to traditional banking and low trust in fintech apps, DMT services are the only way to access basic fin. services like bill payments.
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It doesn't matter how many Collection or Payment solutions you use, if someone DOES NOT want to pay, they wont.
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Tb to when
@Setu_API
's design team made me a custom emoji for Slack. They took 'Pete around the Bush' literally 🤣
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Is there an app tracking the Leopards movements? Asking for a friend.
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I'm 2 days late to this post but wanted to show my appreciation to everyone who was a part of the FinTech Festival. The level of innovation happening in our country is unmatched. I got to spend time with my colleagues, some old friends and met some industry veterans.
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In today's edition of cool PFM startups to check out....
Introducing
@FinancialistHQ
@FinancialistHQ
is another one of my fav PFM startups. As compared to other PFM startups, The Financialist emphasizes more on building a deep, personal relationship with their customers.
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How not to do marketing 101. While it’s sometimes fun to subtly poke fun at competitors/companies, being so vocal about it is just lame and uncreative imo
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This new LinkedIn connect just asked me if we could catch up over a coffee to jam about fintech..on Feb 14th!
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@praneshbuilds
Thats not a great response tbh. Senior folks who have joined recently might feel that the company might just get acquired if a larger deal comes in to the picture.
Also, these should-haves/could-haves/would-haves are great for debates but what really matters is how employees are
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🧵on 8 interesting PFM apps to check out.
The first edition of super cool PFM apps to check out
1.
@foldmoney_
Fold is one of my favourite PFM apps. Fold allows its users to connect their bank accounts to the app and help them understand spending at a granular level. Using fold, we can bucket your daily transactions
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In today's edition of super cool PFM app to watch out for..
Introducing
@appsurplus
With
@appsurplus
, Rajkumar is building a platform to help users make smarter transactions.
Surplus helps their users organise their spending across all payment instruments—bank accounts and
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Delhi’s sidewalks are wider than Bangalore roads. Also, just got 1+1 on Whiskey. Wow
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I loved my visit to
@sidbiofficial
They're the backbone of India's SME sector. The vibrant wall paintings by funded SMEs are a testament to the creativity and potential that SIDBI nurtures. Investing in SMEs = fueling innovation, job creation, and inclusive growth.
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@yavanika_shah
Yess- there are several PFM apps that enable this.
@foldmoney_
@appsurplus
are some of the best ones out there
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With over 80% of the country's domestic remittances originating from inadequately connected rural areas, these services play a pivotal role in supporting the rural economy and providing essential financial support to rural families back home.
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UPI SDK is probably the most coolest innovation on UPI
🚨🆕Must-read story of the day. A new UPI innovation has PhonePe and Google Pay worried. The product called UPI Plugin or merchant SDK (software development kit), enables online merchants to add a virtual payment address to collect money without a payments app
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It’s refreshing to see the support for Dunzo - one of the most recognisable logos in Indian startups. Rooting for you
@DunzoIt
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Such an adorable representation of Account Aggregator ❤️
In case you ever wondered how Fold securely accesses your financial data.
BXJYRR YW5Q32
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@Rahul_J_Mathur
@MarsShotVC
@EBajaj147
@niche_nt
@callmeabraz
@kunal__kundu
@Razorpay
Shk and Harshil are real gems
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