Pine Labs, an Indian merchant platform, has purchased Setu in a cash-and-stock deal valued at between US $70 million and US $75 million. Setu was a provider of fintech infrastructure.
Through the agreement, Pine Labs will be able to enter the embedded finance space and receive access to Setu’s API infrastructure, enabling it to offer more services to its online merchant partners. The third purchase made by the Indian unicorn this year is Setu.
For retailers’ offline and online sales channels, Pine Labs provides payment services. Additionally, it offers 80 business utility apps that allow retailers to manage their in-store activities, such as inventory management, billing, and GST compliance (the Indian government’s grading of firms based on their tax records).
Users may safely exchange their financial data with banks and other financial organizations via Setu, an account aggregator.
An end-to-end payment solution business located in India named Mosambee received a “substantial majority investment” from Pine Labs in April. In India and Southeast Asia as of March, Pine Labs had over 250,000 merchant partners over more than 675,000 network touchpoints.
