Pine Labs acquires API infrastructure startup Setu

pine labs acquires api infrastructure startup setu
© Provided by The Times of India

CHENNAI: Pine Labs on Thursday said it is acquiring Bengaluru-based API fintech infrastructure startup Setu, marking Pine Labs’ third acquisition this year. The financial details of the deal were not disclosed.

Setu’s APIs (application programming interface) are used across verticals such as by startups, retail enterprises, banks, insurance and lending companies that leverage the API to go live with a fintech product or service in a matter of days. The use cases for Setu’s products cut across Aadhaar eSign to BBPS bill payment, payment collection integration via WhatsApp, FASTag payment collection and others.

The startup also works with the account aggregator partners (non-banking financial companies operating under the NBFC-AA license from RBI) to enable consolidation of all financial data of users at a single location.

“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 billion 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,” B Amrish Rau, CEO, Pine Labs, said. He also said that Setu’s team of builders and entrepreneurs, together with the Pine Labs team, will be in a better position to tackle problems.

“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, said.

“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, said.

Setu’s existing investors include Lightspeed, Alpha Wave Global and others.

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