Pine Labs on Tuesday announced that it has acquired Mumbai-based online payments start-up Qfix for an undisclosed amount.
Qfix is a cloud-based end-to-end platform delivering online integrated payments and billing services to multiple sectors. It has more than 5,000 merchants, including educational institutions, governments, and clubs. The company resolves billing issues and creates workflow management solutions for these merchants. HDFC Bank is their lead distribution partner today.
Pine Labs had announced its foray in the online payments space in October 2021 with the launch of Plural and has three key products under it: Plural Gateway, Plural Checkout, and Plural Console.
Amrish Rau, CEO, Pine Labs, said “We are quite upbeat about the potential of this promising platform and impressed with what they have achieved in a short span of time. As businesses look at ways to improve efficiency, everyday processes between suppliers and customers also need an overhaul. Qfix’s innovations through their smart invoicing and workflow management and billing tools would help offer a complete merchant payments and commerce platform through Plural.”
“We are thrilled to partner Pine Labs, one of the leading fintech companies in India and South-East Asia. I am confident this acquisition will further accelerate our growth momentum and help us serve 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.
Published on
February 08, 2022
