Pine Labs, a point-of-sale and merchant commerce solution provider, has become the first unicorn from India after a deal with New York-based financial services major Mastercard. While the details of the deal have not been disclosed, reports suggest it will take Pine Labs' valuation to as much as $1.6 billion.
The collaboration will deliver an extensive range of card and real-time payments-based instalment financing at checkout - in-store and online, Pine Labs said in a statement following the deal with Mastercard.
"Together, the companies will offer a suite of value-added services, including Pine Labs' end-to-end stored value solutions which will replace the paper ones now widely used by companies, retailers and people in South Asia and many other markets," the Indian company said.
While Pine Labs will benefit from Mastercard's global presence, the American card network major is planning to utilise this partnership to deliver more choice to its clientele.
"This relationship is a great validation of the top-quality products that Pine Labs delivers to merchants. Together, we have a unique opportunity to use Mastercard's global presence and technology infrastructure to enhance our growth and enable us to meet the growing needs of customers in India and beyond," said Pine Labs founder and chairman Lokvir Kapoor.
"Smart devices are transforming how people shop. With this partnership, we're continuing to build innovative solutions and provide people with new ways to pay right at their fingertips. By joining forces with Pine Labs, we are reinforcing our strategy to deliver choice to consumers and to be the partner of choice for our customers in South Asia and around the world," said Ari Sarker, co-president for Asia-Pacific at Mastercard.
Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Sofina.