Pine Labs, a digital payment startup based in India has acquired Setu, 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.