Setu: Pine Labs acquires API Infrastructure firm Setu for $70-75 Mn

Ahead of its plans to expand into the United States, Pine Labs has acquired fintech infrastructure specialist Setu, in a cash and equity deal totalling upto around $70-75 Mn. Access to Setu's API would function as gateway for Pine Labs' entry into embedded finance. The Tech Portal had earlier reported Pine Labs' plans to acquire Setu in April 2022. Amrish Rau, CEO at Pine Labs, said "Payment transactions are becoming more and more embedded. Pine Labs also acquired Mumbai based online payments startup Qfix Infocomm earlier this year and Malaysian payments platform Fave last year.