Payments and merchant commerce firm Pine Labs raised another $315 million in an ongoing funding round led by Fidelity Management and BlackRock, the company said in a blog post on Monday (July 6).
Additional investors include Neuberger Berman Investment Advisers, Ishana, Tree Line, IIFL AMC, and Kotak. The round is subject to approval from the Securities and Exchange Board of India (SEBI).
“Over the last year, Pine Labs has made significant progress in its offline to online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100 percent over the last year,” said B. Amrish Rau, CEO of Pine Labs.
Headquartered in Mumbai, India, Pine Labs offers merchant solutions for in-store and doorstep payments, buy now, pay later (BNPL), online payments and prepaid issuance. The company also offers consumer investment services since acquiring Fave in April.
Pine Labs serves over 6 million consumers at more than 40,000 merchants that can now access the Fave app. The company has a presence in India, South East Asia, and the Middle East.
“Pine Labs has rapidly transformed from a single product company allowing retail acceptance of payments to a broader payments platform. The company now serves hundreds of thousands of merchants across payments acceptance on cards and UPI processing tens of billions of payment volume; the company also has the market-leading Pay Later offering with ~$3B in annualized Pay Later transactions,” said Shailendra Singh, MD at Sequoia Capital.
Singh added Pine Labs is now the “market-leading prepaid platform” in the area since its acquisitions of QwikCilver and Fave.
“With leadership across multiple categories, the company is very well-positioned to help drive immense value to its merchant partners in India and across other SEA markets,” Singh said.
The new round of capital brings the total funding in this round to $600 million and puts the company’s valuation at almost $3.5 billion, Amrish Rau told the Economic Times.
The new funding will help the company take its Pay Later installment payments program to other areas in the region,
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