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The Silicon Review Asia

Asia’s Leading Merchant Commerce Platform Pine Labs Secures $600M

Asia’s Leading Merchant Commerce Platform Pine Labs Secures $600M

Asia’s emerging merchant commerce platform Pine Labs has secured $600 million in fresh funding. The investment saw the entry of new investors Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, a fund advised by Neuberger Berman Investment Advisers LLC. IIFL AMC via its ‘Late-Stage Tech Fund’ and Kotak. The investments are still subject to approval from Securities and Exchange Board of India (SEBI).

The company is already backed by investors Sequoia Capital, Actis, PayPal, Mastercard, Temasek Holdings, and PayPal.

“Over the last year, Pine Labs has made significant progress in its Offline to Online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100% over the last year. We are excited to bring on board a marquee set of new investors in this round and appreciate the confidence they have placed on the Pine Labs business model and our growth momentum,” said B. Amrish Rau, CEO, Pine Labs.

Pine Labs has a prominent presence in Asia and across the Middle East where it serves many prominent large, mid-sized and small merchants. The company’s platform allows a wide range of payment acceptance and merchant commerce solutions, including automation systems such as inventory management and customer relationship management.

The company made an important acquisition in April 2021 when it bought Fave, a leading consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. With this acquisition Pine Labs has started focusing on the consumer side of the business too.

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