Pine Labs funding
Pine Labs today announced that it has closed a new round of funding from renowned public market cross-over investors including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management.
The round also had participation from existing investors Temasek, Lone Pine Capital, and Sunley House Capital. In this significantly oversubscribed round, besides primary proceeds, Pine Labs facilitated secondary transactions for its founder, employees, and early shareholders as it is already a well-financed company with a solid balance sheet and has been EBITDA profitable for many years.
B. Amrish Rau, CEO, Pine Labs said, “We’re thrilled to welcome marquee investors like Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital, and Moore Strategic Ventures to the already pristine cap table of Pine Labs. This is an exciting phase in our journey as we enter newer markets. 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.”
Commenting on the investment, Amit Rajpal, CEO & Portfolio Manager of Marshall Wace Asia said, “We are very excited to be a part of the technological transformation that Pine Labs is driving on the ground in payments and the multiple interlinkages and efficiencies it can create by providing faster, cost-effective consumer access to a broader range of financial products such as BNPL (Buy Now Pay Later), where it is driving a pioneering effort on behalf of the financial system. We are also excited about an Indian business being able to drive regional and potentially global adoption of its Intellectual Property and this represents significant optionality for the future.”
Shailendra Singh, MD, Sequoia Capital stated, “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. In addition, their market-leading Pay Later product sees $3B in annualized EMI transaction.”
Following the acquisitions of Qwikcilver and Fave, Pine Labs is now the top pre-paid issuing platform as well as the leading consumer loyalty product in this market. With leadership across various categories, the company is very well placed to drive immense value to its merchant partners in India and other SEA markets,” he added.
At present, Pine Labs serves more than 150,000 merchants across Asia and the Middle East. Pine Labs recently rolled out its famous Buy Now, Pay Later scheme in Malaysia and has ambitious plans to bring its integrated Pay Later installment solution to more distinct markets in Southeast Asia.
In April 2021, Pine Labs announced the acquisition of Fave, Southeast Asia’s fast-growing consumer fintech platform.
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