The Sequoia Capital and Mastercard-backed Pine Labs is among the leading payments firms that’s popular for its merchant payments tool. In its effort to diversify it recently entered online payments. In October, the company
launched its payment gateway platform Plural to set foot in India’s fast-growing online payments market.
Pine Labs’ latest fundraise comes after the firm
picked up $100 million from US-based investment firm Invesco in September. This was preceded by around $600 million of funding into the company across two tranches this year.
When contacted, Pine Labs CEO Amrish Rau declined to comment. An email sent to Falcon Edge did not immediately elicit any response.
Pine Labs specialises in developing software and deployment solutions for Point of Sale (POS) devices for storefronts. The payments firm has been diversifying its offerings on its newly developed software platform with enterprise solutions such as Buy Now, Pay Later (BNPL) integrations, invoice management, payment gateway as well as prepaid card issuance.
The Noida-based firm is learnt to be focusing on four to five areas of growth in FY22, ahead of going public. These include digital QR, merchant commerce, online payments, as well as consumer payments through its newly acquired platform Fave.