(L-R) Sahil Kini, co-founder and CEO at Setu, Amrish Rau, CEO, Pine Labs, Nikhil Kumar, co-founder, Setu
Pine Labs, a merchant commerce platform, is acquiring Bengaluru-based Setu, an API (application programming interface) fintech start-up. This is the Pine Lab’s third acquisition this year.
Though the companies didn’t reveal the value of the transaction, it is $70-75 million, according to people familiar with the matter.
B Amrish Rau, chief executive officer (CEO) of Pine Labs, said Setu would add value to the Pine Labs platform in terms of “embedded” financial services and open banking.
First Published: Jun 23 2022 | 7:42 PM IST