Pine labs in talks to acquire API infrastructure start up Setu
- ByStartupStory | February 3, 2022
Setu’s technology stack is anticipated to help pine labs overhaul and enhance its financial data infrastructure at a time when it is bouncing India’s digital lending space.
IPO- bound Digital payment and financial services distributor, pine labs, is in talks to attai API- based infrastructure company Setu in a cash and objectivity deal for $ 70- $ 100 million, three persons conscious of the discussion deep seated to ET.
If the obtainment comes through, pine labs will get access to Setu’s Account aggregator consent framework and technology, supporting it ameliorates market times for its planned financial services cast, as to the one of the persons cited above.
Setu’S technology barrel close out the requirements to make multiple integrations for one feature.
The deal comes at a time, when pine labs is exploring to distinguish it’s offerings from just merchant payments.
Last year, the merchant- based fintech took its first steps towards consumer offerings with the acquisition of Singapore- based loyalty payments start up fave.
It also casted a payment gateway, plural, to support new- age direct to consumer ( D2 C) brands abide digital and credit- linked payments.
“ The due- assiduity is underway and setu’s board has also been acquainted of the offer From pine labs.
Currently, they ( Pine labs) have the exclusivity window for about a month,” a person concise on the matter said.
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