Fintech startup Setu bought by Pine Labs in $70M deal
Fintech infrastructure startup Setu has been bought by Pine Labs. The company plans to retain its brand and team and continue to operate independently. In its third acquisition deal this year, Pine Labs has bought Setu, a fintech infrastructure firm, for around $70 million. Setu's co-founder Sahil Kini said, the company plans to retain its brand and team and continue to operate independently. In April, the Singapore-based business acquired a majority investment in payments solution provider Mosambee, and in February, it acquired a stake in Mumbai-based online payments startup Qfix. Setu, a fintech infrastructure startup, has expanded its products to include payments, data, investments, and lending via its automated programming interface (APIs). The firm will work with Google Pay in August 2021 to offer fixed deposits through Equitas Small Finance Bank. The company also maintains the open-source effort D91 Labs, which provides research and assists fintech startup...