Pine Labs Acquires Fintech Infrastructure Provider Setu

Pine Labs has acquired fintech infrastructure specialist Setu for $75 million. Giving this information on June 23, the company said that this deal will strengthen its diversified online payments and lending service before its plans to list in the USA. Setu Company, founded by Nikhil Kumar and Sahil Kini offers API (Application Program Interface) for fintech companies to work in collaboration with banks, NBFCs, and others.

Talking to the media about this deal, the founders said that the founders of Setu will continue to lead the company and the brand and will continue to operate independently. Sahil Kini, Co-founder, and CEO of Setu said that under this acquisition, Setu will continue to have its own brand identity, business, team, and customers. “We will continue to grow with access to Pine Lab's extensive merchant network,” he said.

On the other hand, the CEO of Pine Labs B Amrish Rao said that I see this acquisition as a culmination between the online payments and embedded fintech sector. Rao said that the work of engineering, product development, and ecosystem building will continue to be independent. We see a great synergy between the two in terms of distribution. Rao declined to comment on the timeline of the company's listing in the USA.