Noida-based merchant commerce platform Pine Labs has raised $50 million in a funding round led by Vitruvian Partners, a London-headquartered international investment firm. The round reportedly valued the startup at $5 billion.
The announcement comes after it acquired Mumbai-based Qfix Infocomm Pvt. Ltd., an online payments startup, for an undisclosed amount. Earlier this year, Pine Labs had said it is raising $200 million in funding from India's largest public sector bank State Bank of India (SBI).
Pine Labs was initially launched as card-based payments and loyalty solutions provider for the retail petroleum industry. Over the past few years, the company has transformed its business to other segments, providing mobile point of sale solutions that allow merchants to accept credit and debit card payments.
The fintech company says it powers over 150,000 merchants, 3.5 lakh points of sales (PoS) terminals across 3,700 cities in India and Malaysia.
“At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises," said B. Amrish Rau, CEO of Pine Labs.
"We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later offering to new markets through strategic collaborations," he adds.
Pine Labs is expanding its BNPL offering in Southeast Asia. Earlier this month, the company had launched the ‘Mastercard Installments with Pine Labs’ program with Mastercard and DBS Bank to empower the bank’s two million customers in Singapore, Indonesia, and Hong Kong SAR with Pay Later installment purchase options at the point of sale.
Speaking on the investment, Peter Read, Partner at Vitruvian Partners, said: “Our investment in Pine Labs follows several investments we have made into the digital payments space, and we’re excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market."
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