API infrastructure company Setu has announced the appointment of Anand Raisinghani as its new CEO. Anand joins at a time when consent-based structured data sharing via the Account Aggregation model is gaining prominence.
Prior to joining Pine Labs' Setu, Anand was the VP and Head of Professional Services, BFSI, Telecom, and Media at SAP India. He has more than two decades of experience and has worked for global technology companies like Equifax, IBM, and Wipro.
Anand will work closely with Setu’s co-founder, Nikhil Kumar, who has made stellar contributions to India’s API economy through his earlier work with India Stack on Aadhaar and UPI and now towards building an API-first company, Setu.
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“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, Setu.
Setu has expertise in account aggregation, data gateways, identity verification, embedded finance, the Open Network for Digital Commerce (ONDC), WhatsApp Business, and Bharat Bill Payment Service (BBPS). Setu performs an important role in the fintech ecosystem by powering banks, insurance companies, lending firms, AMCs, and other financial institutions with cutting-edge API-driven financial architecture integrations.
Pine Labs is a merchant commerce omnichannel platform operating across India, the Middle East, and Southeast Asia. As per a company statement, Pine Labs’ tech-first approach to digital payments and focus on simplification at the front end aim to help many businesses embrace fintech products at scale.
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Meanwhile, the RBI has issued guidelines to monitor point-of-sale payment service providers, which include companies like Pine Labs and MSwipe. Companies providing the service will need to apply for authorization for the same by March 31, 2025.
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