Pine Labs (commerce Platform) acquired the Setu, which is a fast-growing API fintech start-up. Pine Labs team will address the hard problems to solve in the ecosystem.
On June 23, Pine Labs, which is a leading commerce platform, announced that it plans to acquire Setu, a Bangalore based and fast-growing API fintech startup. Pine Labs, has announced this third acquisition.
On Thursday, Pine Labs made a deal with the acquisition of startup Setu, API fintech in a deal with a value of USD 70-75 million. Even CEO of Pine Labs, B Amrish Rau mentioned Startup Setu will provide an incredible addition to the Pine Labs platform, implanted financial services and open banking is moving forward and financial market value which is embedded predict to overreach by 2026 with USD 138 billion, APIs are boosting the competitive fintech landscape.
Setu has been in strong demand, it helps their customers, brands and merchants to build beautiful experiences, as customers can occupy with payments and financial services as their terms. They are in the Golden phase of digitization, Setu is an explorer in supporting innovation in India to stack their work on UPI and space expansion is moving the industry onwards.
Setu is a team of entrepreneurs, builders and with the Pine Labs team who will address hard problems to solve in the ecosystem. They are delighted to welcome co-founder Nikhil and Sahil, their young and vibrant Pine Labs family.
Sahil Kini (Co-founder of Setu), (CEO of Pine Lab) Amrish Rau and Co-founder and chief evangelist at Setu Nikhil Kumar.
Infosys Technologies Limited Co-founder and Chairman, Nandan Nilekani mentions, they have seen Sahil and Nikhil both at the close quarters, at UPI and Aadhaar. Infrastructure Setu which is building it will be significant for India and years to come. They are glad to be relentlessly moving forward with the goal and partnership with Pine Labs that will help them to accelerate.
Setu demands for its products have been stronger, their APIs are used over diverse industry verticals and it includes retail enterprises, startups, insurance, banks and lending companies. Setu emerging use cases cut over multiple digital ecosystems and from Aadhaar eSigns to bill payment, payment collection through WhatsApp, FasTag payment collection and more.
Application programming or API performs as a link between computer programmes. It is also a software interface, which offers a service to other software elements. This year, Setu is the third acquisition informed by the company Pine Labs.
API boosting fintech landscape.
Rau mentions, Setu provides help to merchants, brands and customers with a beautiful experience, so that consumers are able to engage with the payments and financial services. Setu is supporting advanced innovation on the India stack, their work on UPI and account aggregator space moving forward the industry. Setu even has overall 90-100 employees who will maintain its brand identity, team, business and post the buyout.
Setu collaborates with Account Aggregator, it is known to be non-banking financial companies managed under the NBFC-AA license from the Reserve Bank of India. They allow the consolidation of entire financial data of users at a single location and permits users to have success services, faster. These Aggregators accounts operate under NITI Aayog’s, a data-sharing framework which is called (DEPA) Data Empowerment and Protection Architecture.