Pine Labs Raises $285 Mn At $3 Bn Valuation
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Fintech unicorn Pine Labs has raised $285 million in a new round of funding, which saw participation from a fresh set of investors according to a report.
This round of fundraising saw investors which including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital, and Sunley House Capital also participated in this funding round.
The company plans to use this funding round to scale its merchant network and make investments into its technology product stack.
“This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners,” said Amrish Rau, chief executive officer, Pine Labs.
Pine Labs provides a range of financial services which include point of sale devices, merchant commerce, and also financing. It has its presence in India, South East Asia, and the Middle East, the report said.
“We are very excited to be a part of the technological transformation that Pine Labs is driving on the ground in payments and the multiple interlinkages and efficiencies it is able to create by providing faster, cost-effective consumer access to a broader range of financial products,” noted Amit Rajpal, chief executive officer, and portfolio manager, Marshall Wace Asia.
According to Pine Labs, it serves more than 150,000 merchants. In April 2021, it had announced the acquisition of Fave, a consumer fintech platform based out of South East Asia.
“Pine Labs has rapidly transformed from a single product company offering retail acceptance of payments to a broader payments platform. The company now serves hundreds of thousands of merchants for payments through cards and UPI, processing tens of billions of payment volume,” added Shailendra Singh, managing director, Sequoia Capital.
The funding round into Pine Labs has reportedly come in at a valuation of around $3 billion. The company said it was an oversubscribed round which also enabled secondary transactions for its founder, employees, and early shareholders.