Pine Labs-owned API infrastructure firm Setu has appointed SAP India 's former executive Anand Raisinghani as its chief executive officer (CEO).
Raisinghani, who replaces Sahil Kini, will be working closely with co-founder Nikhil Kumar to steer the fintech firm in its next phase of growth around open banking, account aggregation, API platforms, embedded finance and data gateway.
"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.
Before joining Setu, Raisinghani was the vice president (VP) and head - professional services, BFSI, telecom, and media, at SAP India. Holding over two decades of experience, the senior leader 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.
Founded in 2018 by Sahil Kini and Kumar, Setu is an application programming interface (API) infrastructure provider that offers services across bill payments, savings, credit and payments.
The Reserve Bank of India (RBI) has given the company the licence to operate as an account aggregator.
The Bengaluru-based firm, which was acquired by payments service provider Pine Labs for around $70 million in 2022, works closely with banks, insurance companies, lending firms, AMCs, other financial institutions for the financial architecture integrations.
In FY23, Setu posted a 118 percent year-on-year increase in its net loss at Rs 62 crore on the back of a 2X rise in expenses, while the operating revenue jumped marginally by 22 percent to Rs 14.2 crore from Rs 11.6 crore in FY22.
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