CRED founder Kunal Shah joins the board of merchant platform Pine Labs

Noida-based Pine Labs, a merchant commerce platform, today announced the appointment of Kunal Shah, Founder of CRED, to its company’s board.

The development comes a month after it raised over $600 million in a funding round led by Fidelity Management and Research Co, BlackRock, Ishana, and Tree Line, at a valuation of $3 billion.

“We are excited to welcome Kunal to our board. He joins a marquee set of investors, advisors, and other visionary board members who are all committed to take Pine Labs to newer heights, B. Amrish Rau, CEO, Pine Labs, said. Kunal’s deep understanding of the consumer business will be invaluable to us as we explore new opportunities and step into our next phase of growth," he adds.

The company in a statement described him as an advocate of entrepreneurship in India, with nearly 100 investments across fintech, consumer, and technology companies. Earlier in April 2021, Kunal Shah founded fintech startup CRED attained unicorn status after raising $215 million at a valuation of $2.2 billion.

Apart from this, Shah has been an advisor to the board of Bennett Coleman & Co. Ltd (Times of India), the Chairman of the Internet and Mobile Association of India, and an advisor to Sequoia Capital India. 

Speaking on the appointment, Kunal Shah said: "The pandemic has catalyzed behavior change among consumers, merchants, and institutions that will drive the fintech sector. Shaping this transformation for the benefit of all stakeholders is a collective responsibility. Pine Labs is a player in digital payments adoption and joining its board is an opportunity to contribute to the ecosystem."

Meanwhile, Pine Labs also said that it expanding its footprint in global markets with its Buy Now Pay Later offering, provides gift cards and stored value solutions through its subsidiary Qwikcilver. In April this year, It announced the acquisition of fintech startup Fave for $45 million.

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