Pine Labs, an Indian merchant commerce platform, announced that it has made a significant majority investment into Mosambee, a local and fast-growing end-to-end payment solution provider.
This investment by Pine Labs will now value Mosambee at upwards of US$ 100 million.
Pine Labs said that it’s ability to distribute commerce products at scale, its continuous focus on improving the payment checkout experience, and emergence as the ‘omnichannel partner of choice’ for merchants is set to benefit the team at Mosambee.
The company added that the leadership team at Mosambee will continue to operate independently.
Mosambee had previously announced the acquisition of Benow, a digital payments and EMI technology platform, in February 2022.
Pine Labs is also scaling its Pay Later proposition to newer markets outside India. The company recently announced the ‘Mastercard Installments with Pine Labs’ programme in association with Mastercard and DBS Bank to enable interest-free installment purchase options to the two million DBS Bank cardholders in Singapore, Indonesia, and Hong Kong SAR.
As of March 2022, Pine Labs has more than 250,000 merchant relationships across over 675,000 merchant network touchpoints in India and Southeast Asia.
Amrish Rau, CEO, Pine Labs, said
“At Pine Labs, we continue to focus on deep technology and SaaS. Ever since its founding, Mosambee has made tremendous in roads into elevating the merchant experience through cutting-edge fintech solutions.
They were a natural fit for us due to our shared purpose of making innovative fintech products accessible to all and driving forward the digital payment revolution in India. I look forward to great outcomes ahead and welcome Sameer and team to the Pine Labs family.”
“We have long admired Pine Labs as an invaluable contributor to the Digital India vision and everyone at Mosambee is thrilled with their investment in us. In fact, Pine Labs was our first partner when we launched our platform.
Mosambee today caters to a wide array of businesses, from SMEs to private and government entities to leading banking institutions in India. With extensive reach of Pine Labs and their portfolio companies, we aim to continue to deliver strong profitability and breakthrough solutions to our clients,”
said Sameer Chugh, Co-founder of Mosambee.
