Merchant payments unicorn, Pine Labs, which is eyeing an overseas listing has raised a $50 million funding from Vitruvian Partners, a London-headquartered international investment firm. The investment comes a month after the fintech startup raised $150 million from Alpha Wave Ventures. The company hasn’t disclosed the valuation at which the fresh round of investment took place.
“At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises. We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later offering to new markets through strategic collaborations. We welcome Vitruvian Partners in this journey and thank them for the trust shown in us,” B Amrish Rau, CEO, Pine Labs, said.
Pine Labs is expanding its BNPL offering in Southeast Asia. Earlier this month, the company had launched ‘Mastercard Installments with Pine Labs’ program with Mastercard and DBS Bank to empower the bank’s 2 million customers in Singapore, Indonesia, and Hong Kong SAR with Pay Later installment purchase options at the point of sale.
“Our investment in Pine Labs follows several investments we have made into the digital payments space, and we’re excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market. We were impressed by the versatility of the omnichannel payments platform, as well as the expanding geographic footprint,” said Peter Read, Partner at Vitruvian Partners.
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