Merchant commerce platform provider Pine Labs has struck a deal to acquire API fintech Setu.
This is the third acquisition for India’s Pine Labs in 2022. Setu, based in Bengaluru, provides modular API infrastructure for fintech products and services.
The fintech claims there is strong demand for its products across retail, banking, insurance and lending, with use cases including bill payments and collection and electronic signatures.
Commenting on the announcement, B Amrish Rau, chief executive officer at Pine Labs, said that Setu will “make an incredible addition to the Pine Labs platform” because embedded finance and opening banking “are going to be the way forward” in India and beyond.
Rau added: “Setu is a team of builders and entrepreneurs, and together with the Pine Labs team will tackle hard problems to solve in the ecosystem.”