Pine Labs acquires API fintech startup Setu in $70 mn-$75 mn deal

Merchant commerce platform Pine Labs on Thursday announced the acquisition of Bengaluru-based API fintech startup Setu in a deal valued at USD 70-75 million.

The deal will entail a mix of cash and equity.

Commenting on the acquisition, B Amrish Rau, CEO of Pine Labs, said: “Setu will make an incredible addition to the Pine Labs platform…Embedded financial services and open banking are going to be the way forward and the embedded finance market value is expected to exceed USD 138 billion by 2026 as APIs are intensifying the competitive fintech landscape.”

The deal is valued at 70-75 million US dollars, company officials said at a virtual briefing.