The financing will help the company to further scale its merchant commerce and online payments product offerings
Pine Labs received new funding to expand offerings. (Credit: Gerd Altmann from Pixabay.)
Merchant platform company Pine Labs has received $285m in a new financing round to expand its offerings and scale its merchant commerce and online payments products.
New cross-over investors including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management participated in the financing round.
Also, existing investors Temasek, Lone Pine Capital and Sunley House Capital have participated in this funding round.
With the significantly oversubscribed round, Pine Labs has enabled secondary transactions for its founder, employees and early shareholders.
Pine Labs CEO B Amrish Rau said: “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.”
Pine Labs is a merchant commerce platform serving more than 150,000 large, mid-sized and small merchants across Asia and the Middle East.
With its cloud-based platform, the company offers a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems.
The firm has recently introduced Buy Now, Pay Later proposition in Malaysia, with plans to expand its integrated Pay Later instalment solution to new markets in Southeast Asia.
Its stored value platform comprises issuing, processing, and distributing digital gift cards for corporate customers around the world.
Incorporated in Singapore, Pine Labs is backed by investors Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.
Marshall Wace Asia CEO and portfolio manager Amit Rajpal said: “We are very excited to be a part of the technological transformation that Pine Labs is driving on the ground in payments and the multiple interlinkages and efficiencies it is able to create by providing faster, cost-effective consumer access to a broader range of financial products such as BNPL (Buy Now Pay Later), where it is driving a pioneering effort on behalf of the financial system.
“We are also excited about an Indian business being able to drive regional and potentially global adoption of its Intellectual Property and this represents significant optionality for the future.”