State Bank of India invests $20 million in the Fintech Firm Pine Labs
The State Bank of India, India's largest lender, has invested $20 million in Pine Labs, the fintech firm.
Last year, the online payments and merchant solutions platform, whichwas preparing for an IPO, received roughly $700 million in numerous tranches and was valued at $3.5 billion. In December, the company was in early talks with Falcon Edge to raise at least $100 million, with the overall capital round potentially reaching $200 million.
According to sources this month, Pine Labs, which is best known for its offline merchant payments platform, is planning to list in the United States in the first half of 2022.
"In the past year, several marquee investors have placed their trust in our business model and growth momentum, and that is a gratifying feeling,” says, Pine Labs CEO Amrish Rau. “This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.” In a statement, Pine Labs said it would invest in scaling its new product Plural, a payments gateway.
Pine Labs provides a merchant platform with technological and financial solutions to assist merchants in boosting revenue, decreasing the cost and complexity of running a business, and managing the risks that come with it.
The company brings together financial institutions and consumer brands to enable merchants to provide value to their customers. Pine Labs and its technology platform enable physical and online last-mile retail transactions, give merchants with customer data for targeted sales, and provide risk-managed finance solutions to help merchants develop their businesses.
Pine Labs' platform and solutions are used by over a million merchants in India and other Asian nations to run accessible, affordable, fast, and risk-managed last-mile retail operations.
Merchants from a variety of industries employ Pine Labs' solutions, including electronics, food and beverage, fashion, medicine, telecom, and airlines. Over 3,30,000 point-of-sale terminals are powered by the company's cloud-based infrastructure. Every year, Pine Labs' platforms conduct over 550 million digital transactions, assisting over 100 million retail customers.
In India and Malaysia, the firm has a presence in 3700 cities and towns. Pine Labs' platform presently includes 15 major banks, seven financial services firms, and over 100 businesses. Sequoia Capital, PayPal, Temasek, Actis Capital, and Altimeter Capital are among its investors.
Last year, the online payments and merchant solutions platform, whichwas preparing for an IPO, received roughly $700 million in numerous tranches and was valued at $3.5 billion. In December, the company was in early talks with Falcon Edge to raise at least $100 million, with the overall capital round potentially reaching $200 million.
According to sources this month, Pine Labs, which is best known for its offline merchant payments platform, is planning to list in the United States in the first half of 2022.
"In the past year, several marquee investors have placed their trust in our business model and growth momentum, and that is a gratifying feeling,” says, Pine Labs CEO Amrish Rau. “This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.” In a statement, Pine Labs said it would invest in scaling its new product Plural, a payments gateway.
Pine Labs provides a merchant platform with technological and financial solutions to assist merchants in boosting revenue, decreasing the cost and complexity of running a business, and managing the risks that come with it.
The company brings together financial institutions and consumer brands to enable merchants to provide value to their customers. Pine Labs and its technology platform enable physical and online last-mile retail transactions, give merchants with customer data for targeted sales, and provide risk-managed finance solutions to help merchants develop their businesses.
Pine Labs' platform and solutions are used by over a million merchants in India and other Asian nations to run accessible, affordable, fast, and risk-managed last-mile retail operations.
Merchants from a variety of industries employ Pine Labs' solutions, including electronics, food and beverage, fashion, medicine, telecom, and airlines. Over 3,30,000 point-of-sale terminals are powered by the company's cloud-based infrastructure. Every year, Pine Labs' platforms conduct over 550 million digital transactions, assisting over 100 million retail customers.
In India and Malaysia, the firm has a presence in 3700 cities and towns. Pine Labs' platform presently includes 15 major banks, seven financial services firms, and over 100 businesses. Sequoia Capital, PayPal, Temasek, Actis Capital, and Altimeter Capital are among its investors.
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