Fintech startup Pine Labs said it has raised $285 million in new funding from public mark crossover investors, including Marshall Wace, Baron Capital Group, Duro Capital, Moore Strategic Ventures, and Ward Ferry Management. Its existing investors-Temasek, Lone Pine Capital, and Sunley House Capital have also participated in this funding round.
The new round valued Pine Labs at $3 billion, up from about $2 billion in a December round last year and $1 billion in early 2020. Pine Labs operates in several Southeast Asian markets as well.
Pine Labs said this is the ‘first close' of its ongoing funding round. The current round of financing also includes significant secondary transactions from the company's founder, employees, and early shareholders.
“This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners,” said Amrish Rau, chief executive officer at Pine Labs.
Pine Labs powers close to 5 lakh payment terminals across India and Malaysia in 3,700 cities. Pine Labs, by its own admission, claims to process digital payments worth over $30 billion annually.
“We are very excited to be a part of the technological transformation that Pine Labs is driving on the ground in payments and the multiple interlinkages and efficiencies it is able to create by providing faster, cost-effective consumer access to a broader range of financial products such as BNPL (buy-now-pay-later), where it is driving a pioneering effort on behalf of the financial system. We are also excited about an Indian business being able to drive regional and potentially global adoption of its intellectual property and this represents significant optionality for the future,” said Amit Rajpal, CEO & portfolio manager at Marshall Wace Asia.