Pine Labs, a Singapore-based merchant commerce platform, completed a first close of $285m funding.
Backers included Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management and existing investors Temasek, Lone Pine Capital and Sunley House Capital.
In the round, in addition to primary proceeds, Pine Labs enabled secondary transactions for its founder, employees and early shareholders.
The company intends to use the funds to further scale its merchant commerce and online payments product stack.
Led by B. Amrish Rau, CEO, Pine Labs serves prominent large, mid-sized and small merchants across Asia and the Middle East. The company’s cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world.
Pine Labs, which serves more than 150,000 merchants across Asia and the Middle East, recently launched its Buy Now, Pay Later proposition in Malaysia and has plans to take its integrated Pay Later instalment solution to newer markets in Southeast Asia. In April 2021, the company also announced the acquisition of Fave, Southeast Asia’s fast-growing consumer fintech platform.