Noida-based merchant fintech platform Pine Labs on Monday announced that it had raised a fresh round of funding from Lone Pine Capital. Pine Labs is now valued at more than $2 billion after this investment.
B. Amrish Rau, CEO, Pine Labs, said, “Small businesses and consumers are fast adopting digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have enabled nearly 150,000 outlets for this.
It’s time to invest heavily in offline and online commerce across India and SEA. We are thrilled to welcome Lone Pine as an investor during this exciting and transformative phase of Pine Labs’ growth journey.”
Lone Pine’s investment follows a strategic investment made by Mastercard in January 2020, when Pine Labs attained unicorn status. In another development, Pine Labs in January 2020 launched a merged static QR-based payment solution for its merchants, the Paper POS.
The Paper POS is an all-in-one solution for accepting multiple forms of Unified Payments Interface (UPI) 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 South East Asian markets early next year.
In July 2020, the unicorn made a strategic investment in Fave. Together, the companies now provide cashless payment solutions to over 50,000 merchants across Malaysia, Singapore and other South East Asian countries.