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# India-based digital payment provider Pine Labs acquires Setu in a $75 million deal
- URL: https://www.techloy.com/india-based-digital-payment-provider-pine-labs-acquires-setu-in-a-75-million-deal/
- Published: 2022-06-23T12:58:34.000Z
- Updated: 2022-12-08T01:56:30.000Z
- Author: Oluwajuwonlo Afolabi
- Tags: / Fintech

[Pine Labs,](https://www.pinelabs.com/) a digital payment startup based in India has acquired [Setu,](https://setu.co/) an application programming interface (API) startup in a deal of around $70-75 million. 

- Setu will operate independently and continue to serve its merchants while Pine will foray into embedded finance, using Setu's API stack to serve its online merchant partners.
- Founded in 2018, Setu provides API that allows banks and financial institutions to launch their financial services on its platform.
- Since 2021, Pine Labs has focused on payment gateway for online merchants and direct-to-consumer (D2C) brands using its platform, Plural.