Pine Labs, a Singapore-based merchant commerce platform, received an investment from Mastercard (NYSE:MA).
Terms of the deal were not disclosed.
The relationship aims to expand omnichannel payment options for consumers in South Asia and beyond. The collaboration will deliver an extensive range of card and real-time payments-based instalment financing at checkout – in-store and online.
Led by Lokvir Kapoor, founder and chairman, Pine Labs leverages a cloud-based platform to offer a wide range of payment acceptance and merchant commerce solutions. Its stored value platform includes issuing, processing and distributing digital gift cards for corporate customers. The company’s customer base includes prominent large, mid-sized and small merchants across India, South East Asia and the Middle East. Pine Labs works closely with a range of financial institutions and partners who are responsible for the design and delivery of the instalment financing service to merchants and consumers.
Today, it processes payments of US$30 billion per year and serves some 140,000 merchants across about 450,000 network points.