Pine Labs’ Setu names former SAP India executive Raisinghani as its CEO

Pine Labs-owned API infrastructure company Setu on Monday appointed Anand Raisinghani as the company’s new chief executive officer (CEO).

Raisinghani, who succeeds Sahil Kini at the company, will work in the space of open banking, account aggregation, API platforms, embedded finance, and data gateway. He is a former executive at SAP India where he was the vice-president (VP) and head of professional services, BFSI, telecom, and media.

“The incredible team at Setu, led by Nikhil, have built a powerful API fintech focused on driving successful customer outcomes. Setu’s strong execution ability to offer innovative solutions that keep pace with the rapid evolution within the industry bodes well for us,” he said.

He will work closely with Setu’s co-founder Nikhil Kumar, the company said in a release.

The company has received a Certificate of Registration from the Reserve Bank of India (RBI) to operate as an Account Aggregator.

Founded in 2018, Setu is an application programming interface (API) company offering services across account aggregation, data gateway, identity verification, embedded finance, Open Network for Digital Commerce (ONDC), WhatsApp Business, and Bharat Bill Payment Service (BBPS).

Pine Labs acquired the company in 2022 for around $75 million.

The company is a merchant commerce omnichannel platform operating across India, the Middle East, and Southeast Asia. Business Standard