Merchant commerce platform Pine Labs announced on Thursday that it has raised $100 million from Invesco Developing Markets Fund, a US-based investment management company, in a new investment round.
Earlier in July 2021, Pine Labs had raised $600 million 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.
The digital payments major is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors, according to an official statement.
"Over the last 18 months we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey," said B. Amrish Rau, CEO, Pine Labs.
Commenting on the investment, Justin Leverenz, CIO of Developing Markets Equities at Invesco, said, "The Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading fintech services company in India that fits our strategy of seeking high quality companies that have durable long-term growth potential."
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. The company serves prominent large, mid-sized and small merchants across Asia and the Middle East.
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