Add-on Acquisition • Financial Services

Pine Labs Acquires Setu

On June 23, 2022, Pine Labs acquired financial services company Setu

Acquisition Context

This is Pine Labs’ 1st transaction in the Financial Services sector.
This is Pine Labs’ 2nd transaction in India.

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M&A Deal Summary
Date	June 23, 2022
Target	Setu
Sector	Financial Services
Buyer(s)	Pine Labs
Deal Type	Add-on Acquisition

Target Company

Setu

Bengaluru, India

Setu empowers businesses and developers to reimagine financial products for the next billion users. Setu build low-cost, modular API infrastructure so that users can go live with a fintech product or service in a matter of days, not months. Setu was founded in 2018 and is based in Bengaluru, India.

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Buyer Overview 1

Buyer

Pine Labs

Noida, India

Category	Company
Founded	1998
Sector	Financial Services

DESCRIPTION

Pine Labs offers a merchant platform that includes technology and financial solutions for merchants to help them in increasing their revenue, reducing the cost and complexity of running a business, and managing the risks involved. Pine Labs was founded in 1998 and is based in Noida, Uttar Pradesh.

Deal Context for Buyer	#
Overall	2 of 2
Sector: Financial Services	1 of 1
Type: Add-on Acquisition	2 of 2
Country: India	2 of 2
Year: 2022	1 of 1

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2019-04-16	Qwikcilver Solutions Pvt Bangalore, India Qwikcilver Solutions Pvt Ltd. is a full-stack gift card service provider, powering nine out of every 10 gift cards in the country and managing an annualized gross transaction value of USD 1.5 billion across India, Middle East, and South East Asia.	Buy	$110M

DATE

TARGET

DEAL TYPE

VALUE

2019-04-16

Qwikcilver Solutions Pvt

Bangalore, India

Qwikcilver Solutions Pvt Ltd. is a full-stack gift card service provider, powering nine out of every 10 gift cards in the country and managing an annualized gross transaction value of USD 1.5 billion across India, Middle East, and South East Asia.

Buy

$110M

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