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Pine Labs raises $600 million, looking to list in US

Pine Labs raises $600 million, looking to list in US

The company, backed by Sequoia Capital, Temasek Holdings, PayPal and Mastercard, amongst others, had also raised $285 million in a funding round in May this year.

Pine Labs serves prominent large, mid-sized and small merchants across Asia and the Middle East. Pine Labs serves prominent large, mid-sized and small merchants across Asia and the Middle East.

Merchant commerce platform Pine Labs has raised $600 million in a funding round, with new investors Fidelity Management & Research Company, funds managed by BlackRock, Ishana, and Tree Line, a fund advised by Neuberger Berman Investment Advisers LLC, coming onboard.
 
"IIFL AMC via its 'Late-Stage Tech Fund' and Kotak are also participating in this investment round, which is subject to approval from the Securities and Exchange Board of India (SEBI)...," Pine Labs said in a release.
 
The company, backed by Sequoia Capital, Temasek Holdings, PayPal and Mastercard, amongst others, had also raised $285 million in a funding round in May this year.
 
"We are excited to bring on board a marquee set of new investors in this round and appreciate the confidence they have placed on the Pine Labs business model and our growth momentum," Pine Labs CEO B. Amrish Rau said on the latest funding round.
 
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The company is currently valued at $3 billion and is eyeing a listing in US in the next 18 months, Mint reported.
 
"Pine Labs has rapidly transformed from a single product company allowing retail acceptance of payments to a broader payments platform...the company also has the market leading PayLater offering with ~$3B in annualized PayLater transactions...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," Sequoia Capital MD Shailendra Singh said.
 
Pine Labs offers a range of customised offerings for in-store and doorstep payments, pay later at the point of sale, prepaid issuance and online payments to large, mid-market and small retailers. It serves prominent large, mid-sized and small merchants across Asia and the Middle East.
 
In April 2021, Pine Labs acquired Fave, a leading consumer fintech platform that provides a smart payment app for consumers looking to pay and save. Fave is currently operational in 35 cities across Malaysia, Singapore, and Indonesia and will soon be launching in India.

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Published on: Jul 06, 2021, 12:26 PM IST
Posted by: Vinay Rai, Jul 06, 2021, 12:22 PM IST