back Back

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

By Leandra Monteiro

May 18, 2021

  • India
  • Pine
Share

Pine Labs, FinTech, Fave, Singapore, Sequoia IndiaAccording 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.

Previous Article

May 18, 2021

Sokin and Mastercard extend payments partnership to LATAM

Read More
Next Article

May 18, 2021

SIA launches new Cloudnet service for financial institutions in Europe

Read More








IBSi Daily News Analysis

payment check out, Open Banking

April 23, 2024

India

UAE retailers lose millions annually on payments fraud; consumers’ wallets impacted

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Standard Chartered launches new Open Banking Marketplace

Read More

Today

Egyptian FinTech bokra raises $4.6m pre-seed round

Read More

April 22, 2024

Splitwise teams up with Tink to offer direct bank payments

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023