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September 16, 2021
New Delhi, September 16, 2021 - Pine Labs, one of Asia’s leading merchant commerce platforms, today announced a new investment round in the company with the entry of Invesco, a US-based investment management company. Invesco Developing Markets Fund has invested US $100M in Pine Labs.
Earlier in July 2021, the company had announced a total round size of US $600M and brought in a marquee set of new investors. Pine Labs is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors.
“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, said B. Amrish Rau, CEO, Pine Labs.
“The Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading fintech services company in India that fits our strategy of seeking high quality companies that have durable long-term growth potential, said Justin Leverenz, CIO of Developing Markets Equities at Invesco.
Pine Labs offers a range of in-store and doorstep payment solutions and BNPL offering at the point of sale. The company recently beefed-up investment on the consumer side of the business with the acquisition of Southeast Asia’s leading consumer fintech platform Fave in April 2021 and has a leading presence in the Prepaid and Stored Value space through its 2019 acquisition of Qwikcilver.
One of Asia's leading merchant commerce platforms, Pine Labs serves prominent large, mid-sized and small merchants across Asia and the Middle East. The company's unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. In April 2021, Pine Labs acquired Fave, a leading consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently operational in 35 cities across Malaysia, Singapore, and Indonesia and is also available in India. Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.