Merchant commerce platform Pine Labs has acquired fintech infrastructure company Setu. “Setu will retain its team and brand and continue to run independently,” the company’s co-founder Sahil Kini said in a virtual press briefing on Thursday.
This is the third acquisition for Pine Labs in 2022. The Singapore-registered company picked up a majority stake in payments solution provider Mosambee in April and Mumbai-based online payments startup Qfix in February.
Fintech infrastructure company Setu has expanded its offerings and now covers payments, data, investments and lending through its automated programming interface (APIs). In August 2021, the company partnered with Google Pay to offer fixed deposits through Equitas Small Finance Bank.
Setu had raised around $18.5 million including a $15 million Series A round led by Falcon Edge and Lightspeed in April 2020. The company was valued at around $50 million during the round.
Categories: Corporate M&A