Pine Labs Now Valued at Over US$5 Billion With US$50 Million Fundraiseby Fintech News Singapore March 31, 2022
Pine Labs, an Indian merchant commerce platform, announced a new investment of US$50 million from Vitruvian Partners, a London-headquartered international investment firm.
According to a report by the Economic Times, this new round of funding has pushed Pine Labs’ valuation to about US$5 billion.
The company had previously raised US$600 million from the likes of Sequoia Capital, Temasek Holdings, PayPal and Mastercard amongst other leading global investors ahead of its planned IPO that was initially scheduled for March this year.
However, Pine Labs has decided to postpone its plans for an IPO to the second half of this year due to market sentiments.
The company added that it 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 enable the bank’s two million customers in Singapore, Indonesia, and Hong Kong with Pay Later installment purchase options at the point of sale.
B. Amrish Rau, CEO of Pine Labs said,
“At Pine Labs, we are deeply focused 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.”
Peter Read, Partner at Vitruvian Partners said,
“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.”