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Merchant commerce platform, Pine Labs has raised $50 million from Vitruvian Partners, a London-headquartered investment firm. While the company did not disclose its current valuation, reports say this round has valued Pine Labs at around $5 billion. Further, in a Twitter post, B Amrish Rau, CEO, Pine Labs said that the company has done a ₹100 crore ESOP buyback. Pine Labs is expanding its BNPL offering in Southeast Asia.
Earlier this month, the company had launched the ‘Mastercard Installments with Pine Labs’ program with Mastercard and DBS Bank to empower the bank’s two million customers in Singapore, Indonesia, and Hong Kongwith ‘Pay Later’ installment purchase options at the point of sale.
Commenting on the fundraise, B Amrish Rau, CEO, Pine Labs, said, “At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises.”
Rau added, “We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later offering to new markets through strategic collaborations. We welcome Vitruvian Partners on this journey and thank them for the trust shown in us.”
‘Excited to partner’
Peter Read, Partner at Vitruvian Partners, said, “Our investment in Pine Labs follows several investments we have made into the digital payments space, and we’re excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market. We were impressed by the versatility of the omnichannel payments platform, as well as the expanding geographic footprint.”
In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to consumers looking to pay and save. Fave is currently available in Singapore, Malaysia and Indonesia with a planned roll-out in India in the near term. Incorporated in Singapore, Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.
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