[Funding alert] Pine Labs raises $285M at $3B valuation
Fintech unicorn Pine Labs has raised $285 million in a new round of funding, which saw participation from a fresh set of investors.
This round of fundraising saw investors which including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in this funding round.
This fresh funding round into Pine Labs has reportedly come in at a valuation of around $3 billion. The company said it was an oversubscribed round which also enabled secondary transactions for its founder, employees and early shareholders.
The company plans to use this funding round to scale its merchant network and make investments into its technology product stack.
Pine Labs provides a range of financial services which include point of sale devices, merchant commerce and also financing. It has its presence in India, South East Asia and Middle East.
On the fresh round of funding, Pine Labs CEO Amrish Rau said,
“This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners.”
According to Pine Labs, it serves more than 150,000 merchants. In April, 2021, it had announced the acquisition of Fave, a consumer fintech platform based out of South East Asia.
Amit Rajpal, CEO & Portfolio Manager of Marshall Wace Asia said,
“We are very excited to be a part of the technological transformation that Pine Labs is driving on the ground in payments and the multiple interlinkages and efficiencies it is able to create by providing faster, cost effective consumer access to a broader range of financial products.”
Shailendra Singh, MD, Sequoia Capital noted,
“Pine Labs has rapidly transformed from a single product company offering retail acceptance of payments to a broader payments platform. The company now serves hundreds of thousands of merchants for payments through cards and UPI, processing tens of billions of payment volume.”
Edited by Anju Narayanan