India-based Pine Labs has completed its third acquisition of the year with the purchase of Setu, an API FinTech startup.
By working together, they hope to provide merchants and issuers with improved personal finance management, loan monitoring, credit underwriting and more.
Setu provides banks, insurance companies, retail enterprises, lending companies and startups with a range of APIs. Its technology supports esignatures, bill payment, payment collection integration via WhatsApp, FASTag payment collection and more.
Speaking on the deal, Pine Labs CEO B Amrish Rau said, “Setu will make an incredible addition to the Pine Labs platform for a few reasons. Embedded financial services and open banking are going to be the way forward and the embedded finance market value is expected to exceed US $138 bn by 2026 as APIs are intensifying the competitive FinTech landscape.
“Setu helps their customers, merchants, and brands build beautiful experiences, so consumers can engage with payments and financial services on their terms. We are in the golden phase of digitisation in India, and 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.”
Pine Labs offers companies a selection of payment infrastructure for online, in-store and omnichannel payments. Its services include buy now, pay later, reward systems, cashback, prepaid cards, analytics, loyalty cards and more.
It recently received a $50m investment from Vitruvian Partners and prior to that, it bagged $20m from the State Bank of India. The company reached a $3bn valuation in July 2021, after it closed a $600m round.
Pine Labs recently acquired Mumbai-based online payments startup Qfix.
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