Pine Labs-Owned Fintech Startup Setu Sees Departure of Co-Founder Nikhil Kumar

Setu Co-Founder Nikhil Kumar Steps Down from Operational Role

Bengaluru-based fintech infrastructure startup Setu has announced that its co-founder Nikhil Kumar has stepped away from his operational role at the company, nearly four years after digital payments major Pine Labs acquired the startup.

Kumar made the announcement in a social media post on June 3, citing that it was time to step away from his day-to-day responsibilities after years of building the company. Setu was founded in 2018 by Nikhil Kumar and Sahil Kini, and it has built application programming interface (API) infrastructure that powers digital financial services. The company's products enable bill payments, UPI, KYC, digital signatures, savings and credit offerings for banks, fintechs, and enterprises.

Pine Labs acquired Setu in June 2022 in a deal aimed at expanding its financial infrastructure and digital payments capabilities. Since then, Setu has operated as a subsidiary of Pine Labs while continuing to build products for India's growing fintech ecosystem. Setu has also evolved into much more than a technology company, according to Kumar, reflecting on the journey.

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The company is also a licensed account aggregator under the Reserve Bank of India framework, allowing it to facilitate consent-based financial data sharing. Setu recently strengthened its leadership team as it pursues growth in API-led financial services and financial data infrastructure. Kumar did not disclose his next plan but said he was leaving with confidence in the team and the company's future.

His departure marks the exit of one of Setu's founding leaders, as Pine Labs continues to expand its presence across payments, merchant commerce, and fintech infrastructure.