Startup for API infrastructure Setu is purchased by Pine Labs.

Pine Labs acquires Bengaluru-based API fintech startup Setu for its third acquisition this year . Setus APIs are widely used in verticals such as startups, retail businesses, banks, insurance, and lending businesses .

CHENNAI (India) — Pine Labs announced on Thursday that it would acquire Setu, a Bengaluru-based API fintech startup, for its third acquisition this year.The financial details of the agreement were not disclosed.Setus APIs (application programming interface) are widely used in verticals such as startups, retail businesses, banks, insurance, and lending businesses that use them to bring a fintech product or service online in a matter of days.Setus products are used in numerous applications, including Aadhaar eSign to BBPS bill payments, payment collection via WhatsApp, FASTag payment processing, and others.

As APIs resurrect the competitive fintech landscape, embedded financial services and open banking are going to be the way forward, and the embedded finance market value is projected to surpass US $138 billion by 2026.Setu helps merchants, brands, and customers to create appealing experiences, so customers can engage with payments and financial services on their terms, according to B Amrish Rau, CEO, Pine Labs.He said that the Setus team of builders and developers, as well as the Pine Labs team, would be in a better position to address problems.We think that democratization of technology will result in greater adoption of financial services by all, and that we want to keep our APIs open to the development community.

In the years to come, the kind of infrastructure Setu is fostering will be extremely important for India, and I am thrilled that they are relentlessly working towards this goal, and that this agreement with Pine Labs will allow them to accelerate.Nandan Nilekani, co-founder and chairman of Infosys Technologies, expressed my best wishes to both Amrish and the Setu team.Lightspeed, Alpha Wave Global, and others are among the existing investors.