Pine Labs acquires fintech startup Setu for over $70 million

IPO-bound merchant commerce platform Pine Labs has acquired fintech infrastructure company Setu for $70-75 million. Addressing the media, Setu's co-founders said that they will retain the brand identity and 90-100 workforce while continuing to lead the company. Setu offers Application Programme Interface (APIs) across four categories for software applications to interact with each other.