Pine Labs' Setu appoints former SAP India Executive Anand Raisinghani as its CEO

Setu, a Pine Labs-owned API infrastructure company, has appointed Anand Raisinghani, a former executive from SAP India, as its new Chief Executive Officer (CEO). 

Raisinghani, who has over 20 years of experience in the technology sector, has previously held key roles at major global technology firms, including SAP India, Equifax, IBM, and Wipro.

What will he focus on?

In his new role, Raisinghani will spearhead Setu’s next growth phase, focusing on various sectors, including open banking, account aggregation, API platforms, embedded finance, and data gateways.

“I am excited for the opportunity to lead Setu into its next growth phase. The incredible team at Setu, led by Nikhil, has 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. I look forward to working closely with our customers and partners to achieve new milestones together,” said Anand Raisinghani, CEO of Setu.

What does Setu do?

Founded in 2018 by Sahil Kini and Nikhil Kumar, Setu has been a significant player in the fintech ecosystem. The company specializes in services across bill payments, savings, credit, and payments. It is also licensed by the Reserve Bank of India (RBI) to operate as an account aggregator.

The Bengaluru-based firm was acquired by Pine Labs for about $70 million in 2022.

How is Setu performing financially?

Despite its innovations and contributions to the financial technology sector, Setu has faced financial challenges. In the fiscal year 2023, the company reported a net loss of Rs 62 crore, which was a 118% increase from the previous year. This was alongside a significant rise in expenses. However, its operating revenue saw a 22% increase to Rs 14.2 crore.

As the new CEO, Raisinghani will work closely with co-founder Nikhil Kumar to steer the company through its forthcoming phases. This includes expanding their API-driven financial architecture that supports banks, insurance companies, lending firms, asset management companies, and other financial institutions. The team aims to continue building on their strong foundation to enhance customer outcomes and keep pace with industry developments.