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The Silicon Review Asia

Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner

Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisition reaffirms its commitment to the Indian payments space. The Qfix platform is used by 5,000 merchants including educational institutions, governments, and clubs.

Qfix's platform is solving billing and invoices issues for many merchants in India. The company has also created robust workflow management solutions for these merchants.

“We are thrilled to partner Pine Labs, one of the leading fintech companies in India and Southeast Asia. I am confident this acquisition will further accelerate our growth momentum and help us serve to the needs of multiple sectors requiring curated and innovative online payment solutions and commerce solutions that are secure, seamless, and speedier when it comes to execution,” said Venugopal Choudhary, MD, Qfix Infocomm Pvt. Ltd.

Last year, Pine Labs has announced its entry into the online payments space with the launch of Plural and its three key products. This acquisition of Qfix shows Pine Labs' continued interest in the Indian payments scene.

Commenting on the acquisition, Amrish Rau, CEO of Pine Labs, lauded Qfix's innovations in smart invoicing and workflow management and billing tools. He was positive about the company's tools being able to offer a complete merchant payments and commerce platform through Plural.

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