Pine Labs, a merchant commerce platform, is acquiring Setu, a Bengaluru-based API fintech start-up. The transaction is valued at around $70-75 million. Pine Labs is backed by the likes of Sequoia Capital, PayPal, and Mastercard. According to Setu, there is a significant demand for its API services. Its APIs are utilized by start-ups, retail businesses, banks, insurance, and loan firms, among other industry verticals.
Pine Labs Acquires Fintech Infrastructure Start-up Setu for $70-75M