Merchant Commerce Platform Pine Labs raises $285 million from Baron Capital Group & Others
Pine Labs, a merchant commerce site, has announced the first close of a $285 million funding round led by public sector cross-over investors Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management.
The round of funding also saw the participation of existing investors Temasek, Lone Pine Capital, and Sunley House Capital. Pine Labs allowed secondary transactions for its founder, staff, and early shareholders in this oversubscribed round, in addition to primary proceeds. It has been learned that talks are underway to raise an additional $100 million in this round.
Pine Labs, founded n 1998 is an Indian merchant platform company that provides financing and last-mile retail transaction technology. The company connects financial institutions and consumer brands to empower merchants to deliver value to their retail customers.
Cross-over investors are those who invest in both public markets and private firms on the verge of going public.
“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,” B Amrish Rau, CEO, Pine Labs, said in the release.
Amit Rajpal, CEO & Portfolio Manager of Marshall Wace Asia, said in a statement: “We are very excited to be 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.”
Pine Labs currently serves over 1.5 lakh merchants in Asia and the Middle East. It is used to power nearly five lakh payment terminals in 3,700 cities across India and Malaysia. 15 major banks, seven financial services institutions and over 100 brands are currently a part of the Pine Labs’ platform.
Pine Labs recently launched its famous Buy Now, Pay Later service in Malaysia, and it has plans to expand its integrated Pay Later installment solution to newer Southeast Asian markets. Pine Labs also announced the acquisition of Fave, a fast-growing consumer fintech platform in Southeast Asia, in April 2021.
The round of funding also saw the participation of existing investors Temasek, Lone Pine Capital, and Sunley House Capital. Pine Labs allowed secondary transactions for its founder, staff, and early shareholders in this oversubscribed round, in addition to primary proceeds. It has been learned that talks are underway to raise an additional $100 million in this round.
Pine Labs, founded n 1998 is an Indian merchant platform company that provides financing and last-mile retail transaction technology. The company connects financial institutions and consumer brands to empower merchants to deliver value to their retail customers.
Cross-over investors are those who invest in both public markets and private firms on the verge of going public.
“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,” B Amrish Rau, CEO, Pine Labs, said in the release.
Amit Rajpal, CEO & Portfolio Manager of Marshall Wace Asia, said in a statement: “We are very excited to be 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.”
Pine Labs currently serves over 1.5 lakh merchants in Asia and the Middle East. It is used to power nearly five lakh payment terminals in 3,700 cities across India and Malaysia. 15 major banks, seven financial services institutions and over 100 brands are currently a part of the Pine Labs’ platform.
Pine Labs recently launched its famous Buy Now, Pay Later service in Malaysia, and it has plans to expand its integrated Pay Later installment solution to newer Southeast Asian markets. Pine Labs also announced the acquisition of Fave, a fast-growing consumer fintech platform in Southeast Asia, in April 2021.
