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Merchant based in Noida Pine Labs fintech platform Monday, announced that it had raised a new round of financing from Lone Pine Capital. Pine Labs is now valued at over $ 2 billion after this investment.
B. Amrish Rau, CEO of Pine Labs, said:
“Small businesses and consumers are rapidly adopting digital commerce and contactless payment. We are also seeing huge adoption of Pay Later services and have enabled almost 150,000 outlets for this. It is time to invest heavily in offline and online business in India and SEA. We are delighted to welcome Lone Pine as an investor during this exciting and transformative phase of Pine Labs’ growth journey. “
B. Amrish Rau, CEO, Pine Labs
Lone Pine’s investment follows a strategic investment made by Mastercard in January 2020, when Pine Labs achieved unicorn status.
In another development, Pine Labs launched in January 2020 a merged static version QR-based payment solution for its merchants, the Paper POS.
Paper POS is an all-in-one solution for accepting multiple forms of UPI (Unified Payments Interface) and Bharat QR payments through a single QR.
Earlier in December, Pine Labs and Mastercard jointly announced that they would expand their integrated “pay later” solution to five Southeast Asian markets early next year.
In July 2020, the unicorn made a strategic investment in Favorite. Together, companies now provide cashless payment solutions to more than 50,000 merchants in Malaysia, Singapore and other countries in Southeast Asia.
Currently, Pine Labs serves more than 150,000 merchants in 3,700 cities in Asia and the Middle East.
Mala Gaonkar, Lone Pine’s portfolio manager and general manager said, “The Pine Labs team is capitalize on key structural changes underway in payments and fintech globallyincluding software integration and point-of-sale payments, the digitization of small and medium-sized businesses, and the rapid adoption of pay-it-now offers later. We look forward to the way forward. “
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