Noida-based service provider commerce platform Pine Labs has mentioned at the moment that it’s buying Bengaluru-based API infrastructure start-up Setu. That is Pine Labs’ third acquisition announcement for the 12 months.

With their APIs being utilised by start-ups, retail companies, banks, insurance coverage firms, and mortgage organisations, amongst different trade verticals, Setu has witnessed appreciable demand for his or her merchandise all through the years. Setu’s present and future use circumstances span a wide range of digital ecosystems, together with Aadhaar eSign, BBPS invoice fee, fee assortment integration by means of WhatsApp, FASTag fee assortment, and extra.

Commenting on the event, B Amrish Rau, CEO of Pine Labs, mentioned, “Setu will make an unimaginable addition to the Pine Labs platform for a number of causes. Embedded monetary companies and open banking are going to be the way in which ahead and the embedded finance market worth is predicted to exceed US $138 bn by 2026 as APIs are intensifying the aggressive fintech panorama. Setu helps their prospects, retailers, and types construct lovely experiences, so shoppers can interact with funds and monetary companies on their phrases.” Describing the Bengaluru-based startup as a ‘pioneer’ in supporting innovation in India, he added, “we’re greater than delighted to welcome the co-founders Nikhil and Sahil and their younger and vibrant workforce to the Pine Labs household.”

Co-founder and Chairman of Infosys Applied sciences Restricted, Nandan Nilekani, commented on the acquisition by remarking, “I’ve seen each Sahil and Nikhil at shut quarters earlier, at Aadhaar and UPI. The sort of infra Setu is constructing will likely be essential for India within the years to return and I’m joyful that they’re relentlessly shifting in direction of that objective and this partnership with Pine Labs will assist them to speed up. My finest needs to each Amrish and the workforce at Setu!”

Sahil Kini, Co-founder and CEO at Setu, whereas expressing his pleasure concerning the acquisition, mentioned, “We’re excited with this funding coming from Pine Labs. At Setu, we’re constructing some wonderful merchandise and enabling a way forward for consent-driven entry to monetary knowledge. We consider democratization of know-how will yield higher outcomes in terms of making monetary merchandise accessible to all and due to this fact have our APIs open for the developer group. Pine Labs’ community of retailers and issuers coupled with our API integration prowess will assist obtain nice leads to private finance administration, monitoring loans to foretell default charges, credit score underwriting, and a number of other different areas.”

 

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