Southeast Asian payment giant Pine Labs receives $600 million in funding

With the popularity of smartphones, payment services are becoming increasingly popular in Asia , which has also benefited some online payment platforms.

Pine Labs, an online payment platform for India and Southeast Asia , said on Tuesday that it has completed a $600 million round of financing . As of the current close, the startup is valued at $3 billion.

In fact, earlier this year, Pine Labs announced a new round of financing plan , but its name has not yet been disclosed. This round of financing may be the last round of financing before Pine Labs' IPO. Because Pine Labs said that through the funds raised in this round of financing , the company plans to go public in the US market within the next 18 months.  

Pine Labs, whose early backers include Sequoia Capital India, Temasek, PayPal and Mastercard, provides hundreds of thousands of merchant payment terminals, invoicing tools and working capital.

B. Amrish Rau, CEO of Pine Labs, said : “ Over the past year, Pine Labs has made significant progress in its offline-to-online strategy in India and direct-to-consumer strategy in Southeast Asia. Our full-stack approach in payments and merchant commerce has enabled us to grow our merchant partners by nearly 100% over the past year . ”

In recent years, Pine Labs has made several acquisitions to expand its business. In 2019, it acquired QwikCilver, a leading prepaid gift card platform.

Earlier this year, it acquired Southeast Asian startup Fave for $45 million to expand its consumer business. As of now, more than 40,000 sellers and more than 6 million consumers are using the Fave app.

Through the acquisition of QwikCilver and Fave, Pine Labs has now become the leading online payment platform in India and Southeast Asia .

Currently, Pine Labs provides a range of customized products for large, mid-market and small retailers for online payments such as in-store and door-to-door payments, pay later, prepaid issuance , etc. Pine Labs can process nearly 1 billion payment transactions per month , and according to Pine Labs , this number will grow to nearly 10 billion within a year .

Online Payment

Southeast Asia

Financing