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Pine Labs launches a ChatGPT-like service for Indian banks
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Pine Labs acquired Setu in a cash-and-stock deal valued at $70-75 million in June 2022. Setu works with account aggregator partners and enables the consolidation of financial data of users at a single location, and allows them to access services quickly.
Pine Labs-owned Setu has launched a large language model (LLM)—Sesame—designed especially for the banking and financial services industry (BFSI) sector. Developed in collaboration with homegrown GenAI startup SarvamAI, the LLM has been trained on custom local data relevant to the sector.
The company has touted the move as the ChatGPT moment in the financial sector. The fintech startup 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.
Sesame will be both domain and region-specific and will be trained on custom data relevant to the BFSI sector, the firm added.
“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. 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,” said Nikhil Kumar, Co-founder of Setu.
Pine Labs acquired Setu in a cash-and-stock deal valued at $70-75 million in June 2022. Setu works with account aggregator partners and enables the consolidation of financial data of users at a single location and allows them to access services quickly.
SarvamAI was founded in July 2023 and aims to develop custom-made LLMs designed for India-centric use cases. It develops a full-stack offering for Generative AI, ranging from research-led innovations in training custom AI models to an enterprise-grade platform for authoring and deployment.
Sarvam was the first Indian AI startup to raise $41 million in its Series A funding round led by Lightspeed Ventures with participation from Peak XV Partners and Khosla Ventures in December of 2023.
“Generative AI represents a significant step change in the nature of computation. What can be done with one rupee of compute is now dramatically more valuable,” said Pratyush Kumar, Co-founder of Sarvam AI.
“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. This is a template which we believe can be repeated across sectors where India has created foundational digital public goods,” he added.
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