Pine Labs raises US$285 million, bringing valuation to US$3 Billion

By Leandra Monteiro

According to media reports, Pine Labs, a merchant commerce platform, announced that it has completed the first close of its US$285 million funding round. With this its valuation is likely to jump to US$3 billion according to a report.

The new investors were Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in the round. Besides the primary funding, secondary funding was also enabled for Pine Labs founders, employees and early shareholders.

According to a company statement, it aims to use the raised funds to further scale its merchant commerce and online payments product stack. Also, Pine Labs recently launched its buy now, pay later scheme in Malaysia and plans to expand the payments solution to more markets in Southeast Asia.

The new round of funding comes less than five months after the Singapore-incorporated company raised an undisclosed round at a valuation of $2 billion. Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal, Mastercard and Lone Pine Capital.

“We’re thrilled to welcome marquee investors like Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital and Moore Strategic Ventures to the already pristine cap table of Pine Labs.This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners,” said B. Amrish Rau, CEO, Pine Labs, according to media reports.

With the latest happening, Pine Labs has become the third most valued FinTech company after Paytm and PhonePe.