Pine Labs Raises $285 Million To Expand Merchant Payment Products

Pine Labs, an Asia-based merchant commerce platform, has completed a funding round and come away with $285 million, according to a press release.

Pine Labs works in merchant payment solutions and has introduced its buy now, pay later (BNPL) platform in Malaysia. The company also has plans to take its Pay Later installment payments program to other areas in the region, the release stated.

The money came from new cross-over investors, including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management, according to the release. Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated.

“This is an exciting phase in our journey as we enter newer markets,” said Pine Labs CEO B. Amrish Rau in the release. “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.”

Marshall Wace CEO and Portfolio Manager Amit Rajpal said in the release that Marshall Wace is interested in getting involved with “payments and the multiple interlinkages and efficiencies” through Pine Labs’ work on quicker, more cost-effective customer access to BNPL.

Sequoia Capital Managing Director Shailendra Singh said in the release: “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.”

Singh added that Pine Labs’ acquisitions of QwikCilver and Fave has made Pine Labs more ubiquitous as a pre-paid issuing platform.

The acquisition of Fave, a Malaysian eCommerce startup, went through in April for more than $45 million. Fave was founded in Singapore around six years ago by Joel Neoh, and the company has worked to help online businesses transition to the digital economy.