Service provider commerce platform Pine Labs on Tuesday introduced it has secured over $600 million in a funding spherical with the entry of recent buyers, which is topic to approval from the Securities and Trade Board of India (SEBI).
The brand new buyers are Constancy Administration & Analysis Firm, funds managed by BlackRock, Ishana, Tree Line, a fund suggested by Neuberger Berman Funding Advisers LLC.
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IIFL AMC by way of its ‘Late-Stage Tech Fund’ and Kotak are additionally taking part on this funding spherical, the corporate mentioned in a press release.
Over the past yr, Pine Labs has made vital progress in its offline to on-line technique in India and the direct-to-consumer play in Southeast Asia.
“Our full-stack strategy to funds and service provider commerce has allowed us to develop in-month service provider partnerships by practically 100 per cent over the past yr,” mentioned B. Amrish Rau, CEO, Pine Labs.
Pine Labs is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard, amongst different main world buyers.
“The corporate additionally has the market main ‘Pay Later’ providing with $3 billion in annualised PayLater transactions. By its acquisitions of QwikCilver and Fave, Pine Labs now has the market main pre-paid platform on this area in addition to the highest shopper loyalty product on this market,” mentioned Shailendra Singh, MD, Sequoia Capital.
In April, Pine Labs acquired Fave, a number one shopper fintech platform that gives a sensible cost app to the good technology of shoppers seeking to pay and save.
Over six million shoppers throughout over 40,000 service provider institutions now have entry to the Fave app, the corporate mentioned.
Pine Labs has quickly remodeled from a single product firm permitting retail acceptance of funds to a broader funds platform.