new Delhi. Leading merchant commerce platform Pine Labs on Wednesday said it has raised $50 million from London-based international investment firm Wittvian Partners. Pine Labs serves merchants in India and Southeast Asia and is expanding its Buy Now Pay Later (BNPL) offering in Southeast Asia.
Amrish Rao, CEO, Pine Labs, said, “We aim to further strengthen our recent foray into online payments and take our Buy Now Pay Later (BNPL) offering to new markets through strategic collaborations.”
Earlier in the month, the company launched ‘Pine Labs Master Credit Card’ with Mastercard and DBS Bank, to empower the bank’s two million customers in Singapore, Indonesia and Hong Kong with Pay Later EMI purchase options at the time of sale Can you
Peter Reid, Partner, Vitruvian Partners, said: “The investment in Pine Labs complements many of the investments we have made in the digital payments space.
He added, “We are excited to partner with the management team as they drive digital transformation within the rapidly growing Indian payments market.”
In April last year, Pine Labs acquired consumer fintech platform Fave, which provides a smart payments app to the smart generation of consumers looking to pay and save.
Fave is currently available in Singapore, Malaysia and Indonesia and is planned in India in the near future.
Incorporated in Singapore, Pine Labs’ major investors include Sequoia India, Actis Capital, Temasek, PayPal and MasterCard.
—AnyTV News
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