Pine Labs acquiring fintech infrastructure start-up Setu for $70-75 mn

Pine Labs, backed by investors such as Sequoia Capital, PayPal, and Mastercard, competes with fintech companies such as BharatPe, Mswipe, Paytm, and Razorpay

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.

“The embedded finance market value is expected to exceed $138 billion by 2026 as APIs are intensifying the competitive fintech landscape,” said Rau.

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