Payment Platforms Pine Labs raises $600 million from Fidelity Management & Others
Pine Labs Pvt. Ltd., a payments platform for merchants in India and Southeast Asia, has raised $600 million from some of the world's largest investors, including Fidelity Management & Research Co. and BlackRock Inc., as it prepares for an initial public offering (IPO) in 18 months.
According to Chief Executive Officer Amrish Rau, the Singapore-based startup, which provides solutions for in-store and online payments as well as prepaid, loyalty, and "pay later" programs, is valued at $3 billion. A fund advised by Neuberger Berman Group LLC, as well as India's IIFL Finance Ltd. and Kotak Funds, participated in the round.
Banks and merchants pay monthly fees to use Pine Labs' software as a service, and the startup receives micro-fees on each transaction. Payment services are becoming more popular in Asia as smartphones become more widely available, benefiting providers like Pine Labs.
“It’s a product from India that’s succeeded in Malaysia and Singapore and is entering Indonesia and Thailand,” Rau said in an interview via video call. “We’ve got a good, Ebitda-positive story as we plan our IPO in the next 18 months.” The Pine Labs IPO will likely take place in the U.S., Rau said. “With our size and scale, we want to make it a global IPO,” he said.
The startup provides digital checkout solutions, enabling transactions ranging from billing to payments and reconciliation. Its “pay later” service covers 100 million customers in India, Singapore, and Malaysia, allowing buyers to pay for products such as Apple Inc. and Samsung Electronics Co. in three, six, nine, or twelve monthly instalments.
In addition, the company operates the QwikCilver prepaid gifting platform in India, Southeast Asia, the Middle East, Europe, and Australia.
Customers include Apple, Starbucks Corp., and McDonald's Corp., and its investors include Sequoia Capital, Temasek Holdings Pte, PayPal Holdings Inc., and Mastercard Inc.
According to Rau, India's fintech industry is growing at a rate of about 50% per year, with Southeast Asia close behind. Pine Labs is growing at a rate of about 60% per year as stores expand their payment options.
“A growing number of merchants in Asia want to create faster and more interesting checkout experiences,” Rau said. “They want solutions that help them compete with large online companies.”
In April, the startup paid $45 million for the pay-and-save app Fave. This app now has over 6 million users and over 40,000 merchants.
According to Chief Executive Officer Amrish Rau, the Singapore-based startup, which provides solutions for in-store and online payments as well as prepaid, loyalty, and "pay later" programs, is valued at $3 billion. A fund advised by Neuberger Berman Group LLC, as well as India's IIFL Finance Ltd. and Kotak Funds, participated in the round.
Banks and merchants pay monthly fees to use Pine Labs' software as a service, and the startup receives micro-fees on each transaction. Payment services are becoming more popular in Asia as smartphones become more widely available, benefiting providers like Pine Labs.
“It’s a product from India that’s succeeded in Malaysia and Singapore and is entering Indonesia and Thailand,” Rau said in an interview via video call. “We’ve got a good, Ebitda-positive story as we plan our IPO in the next 18 months.” The Pine Labs IPO will likely take place in the U.S., Rau said. “With our size and scale, we want to make it a global IPO,” he said.
The startup provides digital checkout solutions, enabling transactions ranging from billing to payments and reconciliation. Its “pay later” service covers 100 million customers in India, Singapore, and Malaysia, allowing buyers to pay for products such as Apple Inc. and Samsung Electronics Co. in three, six, nine, or twelve monthly instalments.
In addition, the company operates the QwikCilver prepaid gifting platform in India, Southeast Asia, the Middle East, Europe, and Australia.
Customers include Apple, Starbucks Corp., and McDonald's Corp., and its investors include Sequoia Capital, Temasek Holdings Pte, PayPal Holdings Inc., and Mastercard Inc.
According to Rau, India's fintech industry is growing at a rate of about 50% per year, with Southeast Asia close behind. Pine Labs is growing at a rate of about 60% per year as stores expand their payment options.
“A growing number of merchants in Asia want to create faster and more interesting checkout experiences,” Rau said. “They want solutions that help them compete with large online companies.”
In April, the startup paid $45 million for the pay-and-save app Fave. This app now has over 6 million users and over 40,000 merchants.
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