Noida-based merchant fintech platform Pine Labs has announced it has raised an undisclosed investment from Mastercard. While the quantum of funding and terms were not disclosed, according to a press statement shared by the company, this investment is part of a partnership to continue the growth of different electronic payment options for consumers across the region.
The collaboration will deliver an extensive range of card and real-time payments-based installment financing at checkout – in-store and online.
In a press statement shared by the company, Lokvir Kapoor, Founder and Chairman of Pine Labs, said:
“This relationship is a great validation of the top-quality products that Pine Labs delivers to merchants. Together, we have a unique opportunity to use Mastercard’s global presence and technology infrastructure to enhance our growth and enable us to meet the growing needs of customers in India and beyond.”
With this investment, the companies will offer a suit of value-added services that includes Pine Labs' end-to-end stored value solutions that is said to replace the paper ones, which is now widely used by companies, retailers, and people in South Asia and many other markets.
At present, Pine Labs' offerings are available in India, Southeast Asia, and the Middle East. Today, it processes payments of $30 billion per year, and serves nearly 140,000 merchants across 450,000 network points.
Ari Sarker, co-president for Asia Pacific at Mastercard, said:
“Smart devices are transforming how people shop. With this partnership, we’re continuing to build innovative solutions and provide people with new ways to pay right at their fingertips. By joining forces with Pine Labs, we are reinforcing our strategy to deliver choice to consumers and to be the partner of choice for our customers in South Asia and around the world.”
The team added that Pine Labs works closely with a range of financial institutions and partners who are responsible for the design and delivery of the installment financing service to merchants and consumers.
(Edited by Megha Reddy)
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to firstname.lastname@example.org