Pine Labs’ Setu Launches India’s First Domain-Specific LLM in BFSI Sector

Setu, a fintech firm under Pine Labs, has proudly introduced Sesame, India’s premier Large Language Model (LLM), tailored specifically for the BFSI sector. This groundbreaking innovation is a result of collaborative efforts with Sarvam AI, a generative AI startup based in Bengaluru.

Sesame, the brainchild of this collaboration, represents a significant leap in linguistic technology, catering to the diverse needs of the banking and financial services industry. Its development marks a milestone in the quest for cutting-edge AI solutions within India’s tech landscape.

Related: Fintech Startup Pine Labs’ Valuation Gets a Boost from Baron Capital and Invesco

The creation of Sesame follows Sarvam AI’s notable achievement in securing $41 million during its Series A funding round in December 2023. This funding, spearheaded by Lightspeed and supported by Peak XV Partners and Khosla Ventures, underscores the industry’s recognition of Sarvam AI’s potential and the promising future of linguistic AI applications.

The big reveal happened at Adbhut India, a gathering put together by the non-profit People+ai, with notable guests like Nandan Nilekani (one of the brains behind EkStep Foundation), Shankar Maruwada (the head honcho at EkStep Foundation), Tanuj Bhojwani (the bigwig at People+ai), and a bunch of other important folks from fintech, AI, and digital public infrastructure.

Sesame taps into India’s digital infrastructure’s wealth of data to fuel features like better credit evaluations, spotting fraud, keeping tabs on loans, suggesting additional products, and offering personal finance guidance. Setu and Sarvam AI teamed up to make Sesame tailored to India’s banking and financial sector. They trained it on specific local data. They’ve blended this specialized knowledge with ways for big businesses to use lots of financial data, inside and out, without breaking any rules.

Setu’s goal is to help banks and financial companies in India make quicker, smarter decisions about loans and give their customers super-personalized financial help, every step of the way.

Nikhil Kumar, Co-founder of Setu, expressed our dedication at Setu to make financial services accessible to everyone. He emphasized the importance of combining the Account Aggregator framework with transformative technologies like Large Language Models (LLMs) to achieve this goal. Nikhil highlighted India’s pioneering spirit in innovations like Aadhaar and UPI, and expressed our enthusiasm in developing AI applications that are meaningful, compliant, and responsible, showcasing India’s leadership in Applied AI.

According to Pratyush Kumar, Co-founder of Sarvam AI, Generative AI marks a big leap in how we compute. The worth of one rupee’s worth of computation has skyrocketed.

Our partnership with Setu is a prime example of applying this tech to add value in the BFSI sector. We’ve proven we can significantly boost the accuracy of spotting insights in financial statements. This model, we believe, can be replicated in sectors where India has laid down digital public goods.

The collaboration between Setu and Sarvam AI has resulted in the development of Sesame, India’s premier Large Language Model (LLM) tailored for the banking and financial services industry. This innovation was announced at Adbhut India, showcasing the utilization of India’s digital infrastructure to deliver personalized financial solutions. Setu’s commitment to accessibility, coupled with Sarvam AI’s achievement in securing substantial funding, underlines the potential of linguistic AI applications. The confluence of these efforts represents a significant leap towards cutting-edge AI solutions, aligned with India’s leadership in applied AI and the transformative potential of Generative AI.