Pine Labs Secures US$285 Million in Fundraise, Now Valued at US$3 Billionby Fintech News Singapore May 17, 2021
Pine Labs, a merchant commerce platform, announced that it has completed the first close of its US$285 million funding round. Its valuation is likely to jump to US$3 billion according to a report by The Economic Times.
The company said in a statement that it aims to further scale its merchant commerce and online payments product stack.
New investors include Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management while existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in the round.
In this significantly oversubscribed round, in addition to primary proceeds, Pine Labs enabled secondary transactions for its founder, employees and early shareholders as it is already a well-financed company with a strong balance sheet and has been EBITDA profitable for several years.
Pine Labs recently launched its popular Buy Now, Pay Later proposition in Malaysia and has plans to take its integrated installment solution to newer markets in Southeast Asia.
In April 2021, Pine Labs also announced the acquisition of Fave, Southeast Asia’s consumer fintech platform.
“We’re thrilled to welcome marquee investors like Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital and Moore Strategic Ventures to the already pristine cap table of Pine Labs.
This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners,”
said B. Amrish Rau, CEO, Pine Labs.