Fintech unicorn Pine Labs buys Saluto Wellness's enterprise platform

Fintech unicorn Pine Labs has acquired Bengaluru-based Saluto Wellness's proprietary enterprise platform. 

The terms of the deal have not been disclosed by the company. 

As per the official statement, the acquisition will bolster Pine Labs’ Qwikcilver brand to strengthen its offerings across employee rewards and recognition, customer loyalty programmes, and channel partner programmes for medium and large enterprises.

Qwikcilver is an end-to-end solutions provider of go-to prepaid, stored value and gift cards for companies looking to boost sales, acquire and retain customers, and drive operational efficiencies.

“With Saluto’s platform, we expect to further enhance our leadership across enterprise rewards, recognition, incentive and engagement programmes," Kumar Sudarsan, President - Issuing Business, Pine Labs, said. "Saluto’s multi-tenant, enterprise-grade offering will give us additional capabilities complementing our strengths. Their solution, integrated with our offerings, will help us deliver more programmes to our existing enterprise clients—resulting in larger and more long-term engagements.”

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Co-founded by Siva Kumar and Anoop Nambiar in 2017, Saluto Wellness is an engagement and wellness service provider that helps organisations engage with employees, consumers and channel partners with a rewards and recognition approach.

"Our enterprise solutions are today being used across diverse industry verticals and we are excited to become part of a fast-growing, progressive fintech like Pine Labs and together scale our business further," added K Siva Kumar, Co-founder and CEO of Saluto Wellness. 

Backed by investors including Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard, Pine Labs has a presence in India in prepaid, stored value, and gift card solutions through its 2019 acquisition of Qwikcilver, which merged with Pine Labs in September 2022. 

In issuing, Qwikcilver serves corporates, FMCG brands, ecommerce companies, the BFSI sector, and the airline industry, with a presence across India, the Middle East, Southeast Asia, and Australia.