Merchant commerce and consumer payments provider Pine Labs has closed its latest funding round.
The funding round is worth $600 million to the India-headquartered fintech company and brings onboard new investors, including Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, and a fund advised by Neuberger Berman Investment Advisers.
IIFL AMC via its Late-Stage Tech Fund and Kotak also participated.
Pine Labs provides a range of customised offerings for in-store and doorstep payments, buy now, pay later, prepaid issuance and online payments to large, mid-market and small retailers.
The company has also invested in the consumer side of the business with the acquisition of Fave in April. More than six million consumers across over 40,000 merchants now have access to the Fave app.
Pine Labs continues to be well-financed and has been EBITDA profitable for several years. The company is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard among other global investors.
B Amrish Rau, chief executive officer at Pine Labs, says: “Over the last year, Pine Labs has made significant progress in its offline to online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100% over the last 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.”
Shailendra Singh, managing director ar Sequoia Capital, adds: “Pine Labs has rapidly transformed from a single product company allowing retail acceptance of payments to a broader payments platform.”
“The company now serves hundreds of thousands of merchants across payments acceptance on cards and UPI processing tens of billions of payment volume; the company also has the market leading Pay Later offering with ~$3 billion in annualised Pay Later transactions. Through its acquisitions of QwikCilver and Fave, Pine Labs now has the market leading pre-paid platform in this region as well as the top consumer loyalty product in this market.”
“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 Southeast Asia markets.”