Industry Trends

RBI approves Pine Labs subsidiary Setu to acquire 100% stake in Agya Technologies

Fintech firm Pine Labs is moving to fully consolidate its ownership of RBI-licensed account aggregator Agya Technologies, following regulatory approval from the Reserve Bank of India for its fintech infrastructure arm, Setu, to acquire the remaining stake in the company. In a regulatory filing, Pine Labs said the RBI has approved BrokenTusk Technologies Private Limited, which operates under the Setu brand, to increase its shareholding in Agya Technologies Private Limited to 100%. Agya Technologies currently operates as an associate company of Setu and holds an authorisation from the RBI to function as a Non-Banking Financial Company – Account Aggregator (NBFC-AA), a regulated entity within India’s financial data-sharing framework. Pine Labs already holds around a 25% stake in Agya Technologies. With the latest approval in place, Setu plans to acquire the balance equity in the near term. The company said the transaction may be completed in one or more tranches, in line with regulator...