Finance

Pine Labs raises $285 million in fresh funding

The funding is understood to have valued the company at nearly $3 billion. Pine Labs said it was the “first close” of the financing round. CEO B Amrish Rau, in a media interview, said the round might be extended.

Merchant commerce platform Pine Labs on Monday said it had raised a fresh $285 million in a new funding round, backed by 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 the financial round.

“In this significantly oversubscribed round, in addition to primary proceeds, Pine Labs enabled secondary transactions for its founder, employees and early shareholders,” the company said in a statement.

The funding is understood to have valued the company at nearly $3 billion. Pine Labs said it was the “first close” of the financing round. CEO B Amrish Rau, in a media interview, said the round might be extended.

The investment comes about five months after the Noida-based firm raised close to $100 million in a mix of primary and secondary financing at a valuation of over $2 billion. Pine Labs turned unicorn in January last year after it secured funding from MasterCard at a valuation of $1.6 billion.

A significant chunk of the capital will be used to fund the company’s expansion into newer markets and add to its slate of services. “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,” Rau said in a statement.

Pine Labs that claims to serve more than 150,000 merchants across Asia and the Middle East said it has “ambitious plans” to take its integrated Pay Later installment solution to newer markets in Southeast Asia.

Last month, the firm acquired Southeast Asian fintech platform Fave in a transaction valued at $45 million.

Pine Labs plans to go public in the near future. According to reports, it may be working towards an IPO by March 2022 in the US.

Founded in 1998, Pine Labs initially provided solutions for card-based payment and loyalty programmes in the retail petroleum industry. It has pivoted its business model and forayed into the unified point-of-sale (POS) space since 2012.

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