Bengaluru: Anand Raisinghani has been named the new CEO of Setu, an API infrastructure firm owned by Pine Labs. Raisinghani takes over from Sahil Kini and will work alongside co-founder Nikhil Kumar to expand the fintech company’s focus on open banking, account aggregation, API platforms, embedded finance, and data gateway.
The appointment comes as Setu looks to capitalise on the growing trend of consent-based data sharing through the Account Aggregation model, the company said in a statement yesterday, which enables individuals to securely share their organised financial data with authorised entities based on explicit permission, allowing better management of financial services.
Raisinghani has over 20 years of experience from his previous roles at Equifax, IBM, and Wipro, and most recently as the VP and head of professional services at SAP India, specialising in BFSI, telecom, and media sectors.
Setu was founded in 2018 by Sahil Kini and Nikhil Kumar. It provides API infrastructure services in bill payments, savings, credit, and payments. The company, based in Bengaluru, was acquired by Pine Labs in 2022 for approximately $70 million.
