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The Silicon Review Asia

Merchant Commerce Platform Pine Labs Receives $20M Funding From India's Leading Bank

Merchant Commerce Platform Pine Labs Receives $20M Funding From India's Leading Bank

India's largest commercial bank SBI has invested $20 million in Pine Labs

India's leading bank has announced investment of $20 million in the leading merchant commerce platform Pine Labs.

Singapore-based Pine Labs raised $700 million last year in total funding.  “We are thrilled to have the largest bank of India, the State Bank of India place their trust in us and welcome them in this journey where we are empowering merchants with seamless and secure payment experiences across offline and online platforms. In the last one year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI,” said B. Amrish Rau, CEO, Pine Labs.

Pine Labs in its press release said that in addition to helping its merchant commerce offerings at the offline point-of-sales, the company is looking invest in scaling Plural, it's newly launched brand of online payment products and emerge as an omnichannel partner of choice for merchants.

The company is further looking to expand its BNPL business across India and Southeast Asia. Pine Labs recently entered the consumer payment space in April last year with the acquisition of Fave.

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