With the impending IPO (which is likely to take place in the United States), digital payments provider Pine Labs has raised another $ 315 million in new capital with the entry of a new investor, Fidelity Management & Research Company6. We have completed a $ 100 million funding round. A fund managed by BlackRock, Ishana and Treeline, and a fund advised by Newberger Berman Investment Advisors LLC. IIFL AMC through the “Late Technology Fund”. Kotak also participated in the investment round.
Is this one since the company raised $ 285 million in primary and secondary equity sales from public market investors such as Baron Capital Group, Duro Capital, Marshall Weiss, Moore Strategic Ventures and Ward Ferry Management? It was a month later. Backed by reputable names such as Sequoia Capital, PayPal, Mastercard, Actis and Temasek Holdings, Merchant Platform Unicorn continues to be well-funded and has been profitable at EBITDA for several years.
Pine Labs is known for offering solutions for prepaid, loyalty, and “pay later” programs in addition to in-store and online payments, and is currently worth $ 3 billion. Wide range for in-store and front door payments, point-of-sale payments (provided to nearly 100 million customers in India, Singapore and Malaysia), prepaid issuance, and large and medium-sized online payments We provide customized products. -A market and small retailer, the start-up is located in Asia and the Middle East, serving more than 6 million consumers in more than 40,000 merchants (mainly Fave in April this year). Because it was acquired).
With the acquisition of Fave, Pine Labs has entered the consumer payments segment with the aim of providing Unified Payments Interface (UPI) -based payments and cashback to Indian customers and strengthening their presence in the Southeast Asian market. ..
Its prepaid gift platform, QwikCilver, operates in India, Southeast Asia, the Middle East, Europe and Australia, and is a number of startups among reputable customers such as Apple, Starbucks Corp. and McDonald’s Corp. PineLabs is a major advance in “offline to online strategy” in India and direct sales in Southeast Asia.
“The full-stack approach to payments and merchant commerce has allowed us to grow our merchant partnerships within the month by almost 100% compared to last year,” said B. Amrish Rau, CEO of PineLabs. I will.
India’s fintech industry is growing at an annual rate of nearly 50%, and it’s time for companies like PineLabs to step up. We aim to expand into new regions of the Middle East by early next year with the aim of raising additional funding later this year. Startups are growing with about 60% clips annually as stores expand their payment options.
“PineLabs has rapidly changed from a single product company, allowing retailers to accept payments and moving to a broader payment platform. Sequoia Capital’s Shailendra Singh, MD, said: “With multi-category leadership, the company is in a very good position to help bring immense value to merchant partners across India and other SEA markets,” he added.
Merchant FinTech Services Leader PineLabs Completes $ 600 Million Investment Prior to IPO
Source link Merchant FinTech Services Leader PineLabs Completes $ 600 Million Investment Prior to IPO