Anand Raisinghani, an ex-SAP India executive, is now the CEO of Setu, an API infrastructure company under Pine Labs ownership.

The fintech company will focus on open banking, account aggregation, API platforms, embedded finance, and data gateways for its next growth phase. Raisinghani, who takes over for Sahil Kini, will collaborate closely with co-founder Nikhil Kumar in this regard.

In a statement issued on April 22, the company announced that Anand is joining the team at a time when consent-based structured data sharing, facilitated by the Account Aggregation model, is gaining significant popularity. Anand also has extensive experience in creating high-performance teams.

Raisinghani held the prestigious position of Vice President (VP) and served as the head of Professional Services, BFSI, Telecom, and Media divisions at SAP India before joining Setu. With more than two decades of experience, this experienced executive has successfully collaborated with leading global technology companies such as IBM, Wipro, and Equifax.

Setu is an application programming interface (API) infrastructure provider that was founded in 2018 by Sahil Kini and Kumar. It provides services for credit, payments, savings, and bill payments.

The company has been granted permission to function as an account aggregator by the Reserve Bank of India (RBI).

Pine Labs, a payments service provider, acquired a Bengaluru-based business for around $70 million in 2022. The business works closely with banks, insurance providers, lenders, asset management companies, and other financial institutions to integrate financial systems.

Setu's net loss increased by 118% in FY23 to Rs 62 crore due to a 2X rise in expenses. Meanwhile, operating revenue increased marginally by 22 percent to Rs 14.2 crore from Rs 11.6 crore in FY22.