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India's Pine Labs to buy fintech startup Setu for up to $75m

Merchant commerce platform to expand offerings beyond payments

Pine Labs' platform enables it to offer a wide range of payment acceptance and merchant commerce solutions. (Screenshot from Pine Labs website)

NEW DELHI -- Merchant commerce platform Pine Labs said it is buying application programming interface (API) fintech startup Setu for $70 million to $75 million as it expands its offerings beyond merchant payments.

This is Pine Labs' third acquisition in 2022. It picked up a majority stake in payments solution provider Mosambee in April and Mumbai-based online payments startup Qfix in February.

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