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India Loan Platform Pine Labs Buys Fintech Setu for $75m – Mint

Setu, which enables users to securely share their financial data with banks and other financial institutions, is Pine Labs’ third acquisition this year


The Indian rupee breached the key psychological level of 80 to hit a record low against the dollar on Tuesday.
The Indian rupee sank to 81.5 to the dollar on Monday and could fall even lower, analysts say, as its current account deficit is expected to widen while the dollar stays strong. File photo: Reuters.

 

Indian merchant payments and lending platform Pine Labs has acquired fintech infrastructure provider Setu for about $75  million, Mint reported.

Setu, which enables users to securely share data with financial institutions, is Pine Labs’ third acquisition this year after scooping up Mumbai-based payments startup Qfix in February and buying a majority stake in payments firm Mosambee in April, the report added.

Read the full report: Mint.

 

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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