fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home Featured

IPO-bound Pine Labs raises $100 million from Invesco

AsiaTechDaily Writer by AsiaTechDaily Writer
17 September 2021
in Featured, FinTech
0
Pine Labs
29
SHARES
Share on FacebookShare on Twitter
Bookmark(0)

Please login to bookmark

No account yet? Register

Ahead of its planned IPO in the United States, India-based FinTech company Pine Labs has raised fresh funding of $100 million from the US-based investment management company, Invesco through the Invesco Developing Markets Fund.

The current funding comes just after two months when the firm had raised $600 million funding, at a valuation of $3 billion led by Blackrock Inc, Fidelity Management and Research Company, Neuberger Berman Investment Advisers LLC, Tree Line, AMC through its ‘Late Stage Tech Fund’, Kotak and IIFL.

Pine Labs offers PoS, merchant payment and BNPL (Buy Now Pay Later) solutions is also backed by Teamsek Holdings, Sequoia Capital, Mastercard, PayPal, and Actis among other investors.

Amrish Rau, CEO of Pine Labs said, “Over the last 18 months we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey.”

The merchant commerce platform is raising more from investors and is strengthening its capital ahead of its Initial Public Offering. Pine Labs has appointed Wall Street banks including Goldman Sachs and Morgan Stanley as its advisors for its IPO in the US next year.

According to company sources, the IPO could value the firm at $6 billion, nearly double its valuation when it had raised $600 million in July.

Justin Leverenz, CIO of Developing Markets Equities at Invesco, said in the press release, “The Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading FinTech services company in India, which fits our strategy of seeking high-quality companies that have durable long-term growth potential.”

Founded in 1998, Pine Labs primarily specializes in developing deployment and software solutions for PoS (Point of Sale) devices for storefronts. The company has been branching out its offerings on its newly developed software platform with enterprise solutions such as invoice management, BNPL integration, issuing prepaid credit cards, and payment gateway.

Pine Labs is the third-highest valued FinTech startup in India after Paytm and PhonePe. According to the company, it has displayed a net revenue of Rs 800 crore ($1 billion) in the Financial Year 2021. Pine Labs has over 40,000 merchants and more than 6 million users.

India is witnessing a steady growth of digital payments fueled by the pandemic. Many consumer-focused FinTech startups such as Paytm and Mobikwik have already filed in the domestic exchanges to go public.

Tweets by PineLabs

What are your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
Tags: Fintechmerchant commerce platformStartup
Previous Post

SG deeptech firm BuzzAR raises $630K to blitzscale face-to-cartoon AI app

Next Post

India-based job platform, Apna becomes the youngest startup to enter unicorn club after raising $100M

Related Posts

anycover
Featured

SG insurtech startup anycover nets $450k, eyes expansion into Malaysia, Indonesia

May 20, 2022
Grab
Featured

Grab reports 6% revenue rise in Q1 2022

May 19, 2022
Antler
Featured

Venture investor Antler commits $100m to over 300 startups in SE Asia in 4 years

May 19, 2022
Pitik
AgriTech

Indonesian poultry tech startup Pitik secures $14m in Series A funding

May 19, 2022
Coins.ph
Featured

Coins.ph secures $30 million in Series C funding led by Ribbit Capital

May 19, 2022
PAG
Featured

PAG, First Solar agree to landmark renewable energy deal in Japan

May 18, 2022
Next Post
Apna

India-based job platform, Apna becomes the youngest startup to enter unicorn club after raising $100M

Discussion about this post

No Result
View All Result

FREE NEWSLETTER

Copyright © 2021 AsiaTechDaily.com| About Us | Seed acceleratorTerms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2021 AsiaTechDaily.com| About Us | Seed acceleratorTerms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo