Technology

Payment provider Pine Labs raises another $ 100 million prior to IPO

Just months after the $ 600 million investment round was over, Noida-based digital payments provider Pine Labs raised another $ 100 million from US-based investment management firm Invesco Development Markets Fund. Did.

Pine Labs, one of Asia’s leading e-commerce platforms, will be available in the near future. Prior to the IPO, we have actively raised funds and made acquisitions. In April of this year, we acquired FinTech Platform Rave. Pine Labs was valued at $ 3 billion in July and the valuation after the recent round could not be determined.

“For the past 18 months, we have expanded our prepaid issuance stack, online payments, and Buy Now Pay Later (BNPL) services. We continue to make progress in the larger Asian market using the BNPL platform. We are very excited to have such marquee investors join us on this journey, “said Amrishlau, CEO of Pine Labs. The startup has reportedly appointed Wall Street bankers Goldman Sachs and Morgan Stanley to advise on the IPO, aiming for an IPO value of $ 6 billion.

“The Invesco Developing Markets Fund is pleased to invest in Pine Labs, India’s leading fintech services company, which fits our strategy of finding quality companies with long-term growth potential,” said Developing Markets Equities. CIO Justin Leverenz said. At Invesco.

India’s fintech industry is growing exponentially as it is one of the largest beneficiaries of the pandemic, forcing people to go online to make payments. Since March 2020, digital transactions have skyrocketed to please FinTech start-ups that have expanded their businesses and expanded into new markets. Pine Labs also owns part of this pie as it has expanded to 3,700 cities in Asia and the Middle East and currently serves more than 6 million consumers with more than 40,000 merchants. The acquisition of Fave has allowed Fave to further enter the consumer payments sector and expand its market footprint.

Backed by names such as Sequoia Capital, PayPal, Mastercard and Temasek, the startup offers a variety of financial services such as merchant payments, point-of-sale, bill management, payment gateways, prepaid card issuance and Buy Now Pay Later (BNPL) solutions. Is provided. .. The PoS machine provides merchants with a variety of additional services, and startups handle tens of billions of payment transactions. In fact, its payment terminals are integrated with more than 20 banks and financial and technology partners. Today, it is the third most valuable fintech company in the world’s second largest internet market, after Paytm and PhonePe, with net sales of 800 chlores in 2009 and 1,50 BNPL credit services. Expanded to, 000. Recent outlets too.

https://thetechportal.com/2021/09/16/payments-provider-pine-labs-raises-additional-100-million-ahead-of-its-ipo/ Payment provider Pine Labs raises another $ 100 million prior to IPO

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