Merchant commerce platform Pine Labs announced on Thursday (Sept. 16) that a new investor, U.S.-based investment management company Invesco, has taken an interest in its business, investing $100 million in the leading merchant commerce platform.
Speaking on the deal, Pine Labs CEO B. Amrish Rau said the company has been working to scale its prepaid issuing stack, online payments, and buy now, pay later (BNPL) offering over the last 18 months, and that it is “very excited” to have the support of a marquee investor like Invesco. “We continue to make progress in the larger Asian markets with our BNPL platform,” he added.
On Invesco’s side, the firm’s CIO of Developing Markets Equities Justin Leverenz noted that “the Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading FinTech services company in India that fits our strategy of seeking high-quality companies that have durable long-term growth potential.”
Read more: Pine Labs Acquires Malaysian eCommerce Startup Fave for $45M
Pine Labs serves large, mid-sized and small merchants across Asia and the Middle East, offering a range of payment solutions and BNPL offerings at the point of sale. In April of this year, the company acquired leading Malaysian consumer FinTech platform Fave to boost investment on the consumer side of the business, serving over six million consumers at more than 40,000 merchants.
The firm also become a leader in the prepaid and stored value space following its acquisition of Qwikcilver in 2019.
See also: India’s Pine Labs Notches $600M at $3.5B Valuation
In July 2021, PYMNTS reported that the Mumbai-headquartered company raised $315 million in a funding round from a marquee set of global investors, bringing the total funding in that round to $600 million and putting the company’s valuation at almost $3.5 billion.
Prior to that in May, the Asia-based merchant commerce platform secured $285 million in funding to expand merchant payment products.
Related: Pine Labs Raises $285M to Expand Merchant Payment Products
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More