Pine Labs has announced new investment round, which values the company at $3 billion, with new investors Fidelity Management, funds managed by BlackRock, Ishana, and Tree Line.
Leading payments platform Pine Labs has announced a $600 million funding round and plans to explore going public within two years , the company announced on Tuesday.
Since its founding in 1998, the India-headquartered platform has transformed from a single-product company allowing retail acceptance of payments to a broader payments platform. Its key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.
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. The platform has grown in-month merchant partnerships by nearly 100 percent over the last year, the announcement said.
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Pine Labs currently serves hundreds of thousands of merchants across payments acceptance on cards and UPI processing tens of billions of payment volume. It also pioneered the buy-now-pay-later (BNPL) category in India, where it now has 95 percent market share of offline BNPL services
Earlier this year, Pine Labs acquired merchant platform Fave as part of a joint global expansion play, in a deal valued over $45 million. Fave counts 6 million consumers across over 40,000 merchant establishments in 35 cities.
