Posted by New Delhi: Pine Labs said that it raised an undisclosed fresh round of funding from Lone Pine Capital (“Lone Pine”). With this investment, Pine Labs is now valued at more than $2 billion.
“We are thrilled to welcome Lone Pine as an investor during this exciting and transformative phase of Pine Labs’ growth journey,” said B. Amrish Rau, CEO, Pine Labs.
“Small businesses and consumers are fast adopting to digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and SEA,” added Rau.
“We are excited to partner with Pine Labs as they innovate at scale in the payments and merchant commerce space, benefiting consumers, merchants and financial institutions,” said Mala Gaonkar, Portfolio Manager and MD – Lone Pine.
“The Pine Labs team is leveraging key structural changes taking place across payments and fintech globally, including the integration of software and payments at the point-of-sale, the digitisation of small-to-medium enterprises, and the rapid adoption of buy-now-pay-later offerings,” said Gaonkar.
Lone Pine’s investment follows Mastercard‘s strategic investment in January 2020, when it attained unicorn status. Earlier in December, the startup and Mastercard jointly announced that they will expand their integrated “pay later” solution to five South East Asian markets early next year.
The platform serves more than 150,000 merchants in 3,700 cities across Asia and the Middle East. In July 2020, the startup made a strategic investment in Fave.
Both the companies now provide cashless payment solutions to over 50,000 merchants across Malaysia, Singapore and other South East Asian countries.