Pine Labs has raised $285 million in a new round of funding. The company will utilize the fresh capital to scale its merchant network and make investments into its technology product stack.
Pine Labs is a startup that offers merchants payments terminals, invoicing tools, and working capital. This fresh funding round valued Pine Labs at $3 billion, up from about $2 billion in a December round last year and $1 billion in early 2020.
The latest fundraise round saw investors like Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management. The round has also seen participation from existing investors including Temasek, Lone Pine Capital, and Sunley House Capital.
Pine Labs has a presence in India, South East Asia, and the Middle East.
On the fresh round of funding, Amrish Rau, CEO of Pine Labs, said, “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.”
Pine Labs claims that it serves over 150,000 merchants. In April 2021, it had announced the acquisition of Fave, a consumer fintech platform based out of South East Asia.
Pine Labs’s payments terminal has integration with over two dozen banks and financial and technology partners. The company runs an analytics app on a debit card base of banks it tied up to determine the extent of credit to be made available to every cardholder. Pine Labs then converts large payments into EMIs (equated monthly installment) using its Pine Pay Later application.