BENGALURU: IPO-bound fintech unicorn Pine Labs has acquired Bengaluru-based Setu, a fintech startup. The deal is worth about $70-$75 million. This is the third acquisition announced by Pine Labs this year.
B Amrish Rau, the CEO, of Pine Labs, said, “Embedded financial services and open banking are going to be the way forward and the embedded finance market value is expected to exceed $138 billion by 2026 as APIs (application programming interfaces) is intensifying the competitive fintech landscape.”
Fintech API infrastructure start-up Setu was launched in 2018 by Sahil Kini and Nikhil Kumar. “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,” added Rau. “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,” said Sahil Kini, co-founder and CEO at Setu. Setu works with account aggregator partners that are non-banking financial companies operating under the NBFC-AA license from the RBI.