Pine Labs said on Tuesday it’s anything but a $600 million financing round as the Asian merchant commerce platform defines the objective to investigate the public markets within two years.
Fidelity Management and Research Company, BlackRock, Ishana, as well as a fund prompted by Neuberger Berman Investment Advisers, and IIFL and Kotak invested in the round, which esteems the startup at $3 billion. Pine Labs divulged the new round, a name of which it hasn’t uncovered, recently.
Pine Labs, which counts Sequoia Capital India, Temasek, PayPal and Mastercard among its early sponsor, offers a huge number of dealers payments terminals, invoicing devices and working capital.
Its payments terminal — otherwise called point-of-sale machines — are associated with the cloud, and offer a scope of extra services like working capital — to the dealers. Pine Labs’ payments terminal has reconciliation with more than two dozen banks and monetary and innovation accomplices.
This separates Pine Labs from the opposition, whose terminals normally have joining with only one bank. Each time an adversary firm hits another organization with a bank, they need to convey new machines into the market. This makes the entire sending costly for both the fintech and the bank. (This is the reason you additionally regularly see a café has different terminals at the look at.) The startup says it measures a huge number of payment exchanges.
“Over the last year, Pine Labs has made significant progress in its offline-to-online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100% over the last year,” said B. Amrish Rau, CEO, Pine Labs.
“We are excited to bring on board a marquee set of new investors in this round and appreciate the confidence they have placed on the Pine Labs business model and our growth momentum,” said Amrish Rau, adding that he plans to take the startup public in 18 months.
As of late, Pine Labs has made a few acquisitions to widen its business. In 2019, it gained QwikCilver, which drives the market in gift vouchers class. Recently, it obtained Southeast Asian startup Fave for $45 million as it widened its devour side of the business.
More than 6 million customers across more than 40,000 vendor foundations currently approach the Fave application, the startup said.
“Through its acquisitions of QwikCilver and Fave, Pine Labs now has the market leading pre-paid platform in this region as well as the top consumer loyalty product in this market. With leadership across multiple categories, the company is very well positioned to help drive immense value to its merchant partners in India and across other SEA markets,” said Shailendra Singh, MD, Sequoia Capital.