Today, Pine Labs has revealed that it has raised $285 million in a recent financial round. The fintech firm plans to invest the current funding on the expansion of the business further. Pine Labs is one of the oldest fintech firms that provide payment terminals to businesses. It also helps the merchants with invoicing tools and working capital.
Pine Labs Raises $285 Million
Talking about the latest funding round, the startup has stated that new investors including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management contributed to the current financing round. From existing investors, Temasek, Lone Pine Capital, and Sunley House Capital also showed interest in fresh investment.
The current financial round has helped Pine Labs to reach a market calculation of $3 billion. In December 2020, the fintech startup completed the last round to reach a valuation of $2 billion. Pine Labs became a unicorn member after completing a financial round in early 2020.
Talking about the latest financial round, B. Amrish Rau, CEO of Pine Labs, said:
“We’re thrilled to welcome marquee investors like Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital, and Moore Strategic Ventures to the already pristine cap table of Pine Labs. This is an exciting phase in our journey as we enter newer markets.”
He further added:
“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.”
Recent developments by Pine Labs
Recently, Pine Labs have shown exponential growth in its operations. Currently, it serves more than 140,000 businesses. Pine Labs terminals are quite popular among merchants. It is also called point of sale machines. The terminals are connected to the cloud for providing seamless services. Other than collecting payments, machines also help merchants in additional services including working capital.
Not only the business firms but Pine Labs is also providing analytical services to banks. It has an analytical app based on customers a debit card that helps the bank in deciding the upper limits of credit cards for the customers. It also converts large amounts into EMIs(equated monthly installment) using its Pine Pay Later application.
In 2020, Pine Labs saw a surge in its client base. Due to the pandemic, business firms were shifting to online solution providers like Pine Labs. As per Pine Labs’ claim, it was adding over 10000 businesses to the platform each month in 2020.
Talking about Pine Labs extraordinary operations and growth, Amit Rajpal, CEO and Portfolio Manager of Marshall Wace Asia said:
“We are very excited to be a part of the technological transformation that Pine Labs is driving on the ground in payments and the multiple interlinkages and efficiencies it is able to create by providing faster, cost-effective consumer access to a broader range of financial products such as BNPL (Buy Now Pay Later), where it is driving a pioneering effort on behalf of the financial system.
He further added:
“We are also excited about an Indian business being able to drive regional and potentially global adoption of its Intellectual Property and this represents significant optionality for the future.”