Pine Labs secures $100m investment to fuel further growth
Indian fintech Pine Labs, fresh off closing a $600 million funding round in July, has raised a further $100 million in capital from US firm Invesco Developing Markets Fund.
Pine Labs CEO, B. Amrish Rau
Invesco joins a wealth of other investors in the fintech, including Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard, among others.
Founded in 1998, Pine Labs has now raised over $830 million in total funding.
Pine Labs provides 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, which claims to serve more than 150,000 merchants, has also been scaling its buy now, pay later (BNPL) offering as the market for split payment plans continues to boom.
“Over the last 18 months, we have scaled our prepaid issuing stack, online payments, and also the buy now, pay later (BNPL) offering,” says CEO B. Amrish Rau.
“We continue to make progress in the larger Asian markets with our BNPL platform.”
Pine Labs has also been active on the acquisitions front this year, adding to the consumer side of the business with a $45 million deal for digital payments start-up Fave back in April.
Fave claims to have six million customers and is active in 35 countries including India, Singapore, Malaysia and Indonesia.
