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Pine Labs, a merchant commerce platform, has announced the completion of first close of its ongoing funding round, raising $285 million from public market cross-over investors, including 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 this funding round.
Also read: Pine Labs acquires Malaysia-based fintech platform Fave in $45-m deal
In this oversubscribed round, in addition to primary proceeds, Pine Labs enabled secondary transactions for its founder, employees and early shareholders. Discussions are on to raise another $100 million in this round, it is learnt.
Cross-over investors are those that typically invest in public markets as well as in private companies that are close to IPO stage.
“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.”
Also read: ‘Buy now pay later’ is big draw for India’s Gen Z
Currently, Pine Labs serves more than 1.5 lakh merchants across Asia and the Middle East. It powers close to five lakh payment terminals across India and Malaysia in 3,700 cities. Pine Labs recently launched its popular Buy Now, Pay Later proposition in Malaysia and has plans to take its integrated Pay Later instalment solution to newer markets in Southeast Asia. In April 2021, Pine Labs also announced the acquisition of Fave, Southeast Asia’s fast-growing consumer fintech platform.
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