Pine Labs, a Singapore-based provider of a merchant commerce platform, raised USD600M in funding.
Backers included new investors Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, and fund advised by Neuberger Berman Investment Advisers LLC. IIFL AMC via its ‘Late-Stage Tech Fund’ and Kotak are also participating in the round, which is subject to approval from the Securities and Exchange Board of India (SEBI), bringing the total round size to over USD 600m.
The company intends to use the funds to expand operations and its business reach.
Led by B. Amrish Rau, Pine Labs is a provider of cloud-based platform that offers a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. The company also offers a range of customized offerings for in-store and doorstep Payments, Pay Later at the point of sale, Prepaid Issuance and Online Payments to large, mid-market and small retailers.
Pine Labs offers a range of customized offerings for in-store and doorstep Payments, Pay Later at the point of sale, Prepaid Issuance and Online Payments to large, mid-market and small retailers. The company has also increased investment on the consumer side of the business with the acquisition of Fave in April 2021. Over 6 million consumers across over 40,000 merchant establishments now have access to the Fave app. It is currently operational in 35 cities across Malaysia, Singapore, and Indonesia and will soon be launching in India.
Pine Labs currently serves prominent large, mid-sized and small merchants across Asia and the Middle East.