Pine Labs acquires leading API fintech startup Setu

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Setu, a rapidly expanding API finance firm whose headquarters is in Bengaluru, was recently acquired by Pine Labs, a leading merchant commerce platform. This is Pine Labs’ third acquisition announcement for the year.

“Setu will make an incredible addition to the Pine Labs platform for a few reasons. Embedded financial services and open banking are going to be the way forward and the embedded finance market value is expected to exceed US $138 bn by 2026 as APIs are intensifying the competitive fintech landscape. Setu helps their customers, merchants, and brands build beautiful experiences, so consumers can engage with payments and financial services on their terms. We are in the golden phase of digitisation in India, and Setu is a pioneer in supporting innovation on the India stack – their work on UPI and in the account aggregator space is moving the industry forward. Lastly, Setu is a team of builders and entrepreneurs, and together with the Pine Labs team will tackle hard problems to solve in the ecosystem. We are more than delighted to welcome the co-founders Nikhil and Sahil and their young and vibrant team to the Pine Labs family.”

B Amrish Rau, CEO, Pine Labs.

The demand for Setu’s solutions has been quite high; currently, startups, retail businesses, banks, insurance organisations, and lending institutions all utilise the company’s APIs. Aadhaar eSign, BBPS bill payment, payment collection integration through WhatsApp, FASTag payment collection, and other digital ecosystems are just a few of the present and developing use cases for Setu.

“We are excited with this investment coming from Pine Labs. At Setu, we are building some amazing products and enabling a future of consent-driven access to financial data. We believe democratization of technology will yield better results when it comes to making financial products accessible to all and therefore have our APIs open for the developer community. Pine Labs’ network of merchants and issuers coupled with our API integration prowess will help achieve great results in personal finance management, monitoring loans to predict default rates, credit underwriting, and several other areas,”

Sahil Kini, Co-founder and CEO at Setu.

“I have seen both Sahil and Nikhil at close quarters earlier, at Aadhaar and UPI. The kind of infra Setu is building will be very important for India in the years to come and I am happy that they are relentlessly moving towards that goal and this partnership with Pine Labs will help them to accelerate. My best wishes to both Amrish and the team at Setu!”

Nandan Nilekani, Co-founder and Chairman of Infosys Technologies Limited.

Setu collaborates with Account Aggregator partners, non-banking financial institutions that are authorised by the Reserve Bank of India to conduct business as NBFC-AAs. They make it possible for consumers to rapidly access services and to consolidate all of their financial data into one place. These Account Aggregators function inside the Data Empowerment and Protection Architecture, a framework for consent-driven data sharing developed by the NITI Aayog (DEPA).


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