Pine Labs' Setu appoints former SAP India exec as its CEO

API infrastructure company Setu has appointed Anand Raisinghani, a former executive at SAP India, as its new Chief Executive Officer (CEO). This move comes as Setu aims to bolster its position in consent-based structured data sharing via the account aggregation model.

With over two decades of experience in building high-performance teams, Raisinghani brings a wealth of expertise to his new role. Previously serving as the VP and Head of Professional Services for BFSI, Telecom, and Media sectors at SAP India, Raisinghani has also held key positions at global technology firms such as Equifax, IBM, and Wipro.

At the Pine Labs-owned Setu, Raisinghani will spearhead the company's expansion initiatives, particularly focusing on areas like open banking, account aggregation, API platforms, embedded finance, and data gateway. Collaborating closely with Setu's co-founder Nikhil Kumar, Raisinghani aims to further advance India's API economy, leveraging his experience with initiatives like India Stack on Aadhaar and UPI.

About his new role, Raisinghani said that he will be involved in strengthening Setu's team and delivering innovative solutions. Setu, renowned for account aggregation, data gateway, identity verification, embedded finance, and various digital commerce platforms like WhatsApp Business and Bharat Bill Payment Service (BBPS), plays a pivotal role in powering financial institutions with API-driven integrations. 

Setu's parent company, Pine Labs, operates as a merchant commerce omnichannel platform across India, the Middle East, and Southeast Asia. With a tech-first approach to digital payments, Pine Labs aims to simplify fintech adoption for businesses on a large scale, aligning with Setu's vision for driving successful customer outcomes in the evolving financial landscape.