Pine Labs Acquires API Fintech Startup Setu

Pine Labs

Merchant commerce platform Pine Labs on Thursday announced that it is acquiring Bengaluru-based application programming interface (API) fintech startup Setu for an undisclosed amount.

Setu’s API is being used by industry, including startups, retail enterprises, banks, insurance and lending companies – from Aadhaar e-sign to BBPS bill payment, payment collection integration through WhatsApp, FASTag payment collection and Many others are included.

B Amrish Rao, CEO of Pine Labs, said, “Embedded financial services and open banking are going to be the way forward and the embedded finance market value is expected to exceed $138 billion by 2026 as APIs accelerate the competitive fintech landscape. “

“We are in the golden phase of digitization in India, and Setu is a leader in supporting innovation across India’s agglomeration. His work on the UPI and account aggregator space is driving the industry forward,” said Rao.

Setu works with Account Aggregator Partners which are Non-Banking Financial Companies, operating under NBFC-AA license from Reserve Bank of India (RBI).

Nandan Nilekani, Co-Founder and Chairman, Infosys, said, “The kind of infra bridge that India is building will be of great importance in the years to come and I am glad that they are steadily moving towards that goal. And this partnership with Pine Labs will help them accelerate.”

This is the third acquisition announced by pine labs this year

In April, Pine Labs made a significant majority investment in end-to-end payment solutions provider Mosambi.

In March, it raised $50 million from London-headquartered international investment firm Wittvian Partners.

In February, Pine Labs acquired Mumbai-based online payments startup Qfix for an undisclosed amount.

Sahil Kini, Co-Founder and CEO at Setu, said, “Our API integration skills with Pine Labs’ network of merchants and issuers range from personal finance management, loan monitoring to predict default rates, credit underwriting and many more. It will help to get great results.”

Incorporated in Singapore, Pine Labs’ major investors include Sequoia India, Actis Capital, Temasek, PayPal and MasterCard.

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