Indian fintech Pine Labs secures $600m investment
Merchant payments platform Pine Labs has closed its latest funding round, securing a $600 million investment.
The firm opened the funding round with $285 million in May
The Indian fintech announced it had raised $285 million back in May and has since landed an additional $315 million in funding led by new investors including Fidelity, BlackRock, Ishana and Tree Line.
The company is also backed by Sequoia Capital, PayPal and Mastercard among other investors.
Founded in 1998, Pine Labs has developed a cloud-based commerce platform offering payment acceptance and merchant commerce solutions, including enterprise automation systems such as inventory management and customer relationship management.
The company claims to serve more than 150,000 merchants and have its payments terminal integrated at more than two dozen banks and fintechs.
“Over the last year, Pine Labs has made significant progress in its offline to online strategy in India and the direct-to-consumer play in Southeast Asia,” says CEO, B. Amrish Rau.
Pine Labs acquired digital payments start-up Fave in a $45 million deal back in April.
Fave claims to have six million customers and is active in Singapore, Malaysia and Indonesia. Pine Labs plans to launch the app in India “soon”.
The firm also acquired gift card solutions provider Qwikcilver for $110 million in 2019.
