Pine Lab's Setu Appoints Anand Raisinghani As CEO By CIOTechOutlook Team

Pine Lab's Setu Appoints Anand Raisinghani As CEO

CIOTechOutlook Team | Monday, 22 April 2024, 11:16 IST

Anand Raisinghani, a former executive at SAP India, has been appointed chief executive officer (CEO) of API infrastructure company Setu, which Pine Labs owns. "Anand has vast experience in building high-performance teams and joins at a time when consent-based structured data sharing via the Account Aggregation model is gaining prominence," the company said in a statement on April 22.

Raisinghani, who takes over for Sahil Kini, will collaborate closely with co-founder Nikhil Kumar to lead the fintech company into its next growth phase. This phase will focus on open banking, account aggregation, API platforms, embedded finance, and data gateway.

Raisinghani held the positions of vice president (VP) and head—professional services, BFSI, telecom, and media at SAP India prior to joining Setu. With more than two decades of experience, Anand has worked with global technology companies such as Equifax, IBM, and Wipro.

“I am excited for the opportunity to lead Setu into its next growth phase. The incredible team at Setu, led by Nikhil, have built a powerful API fintech focussed 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,” Raisinghani said.

Setu is an application programming interface (API) infrastructure provider formed in 2018 by Sahil Kini and Kumar. It provides services for bill payments, savings, credit, and payments. The Bengaluru-based company collaborates closely with banks, insurance companies, lending institutions, AMCs, and other financial institutions for financial architecture integrations. In 2022, Pine Labs, a payments service provider, purchased the company for approximately $70 million.