Who Are Pine Labs?
Pine Labs, a fintech start-up, is a payment solution provider that helps merchants expand their business exponentially with the help of technology and capital.
Pine Labs has provided the merchants with a platform that will increase their revenue as well as reduce the cost, complexity, and risks. They serve their merchants with domain expertise and leverage technology for serving omnichannel needs.
Pine Labs was found in 1998 for providing a solution in card-based payment and loyalty programs in the retail petroleum industry. In 2012 they renewed their business model towards a cloud-based point-of-sale, POS, platform which redefined their technology for payment.
Pine Labs has expanded their presence in India and Malaysia, as well as other parts of Asia, providing their services to widen and accelerate the platform for the merchants in the local market
Pine Labs have provided over 50,000 merchants across Malaysia, Singapore, and other southeast Asian countries a cashless payment solution and has worked with more than 1.5 Lakh merchants across 3,700 cities in Asia and the Middle East.
Earlier in January 2020, MasterCard made an investment in the start-up which led Pine Labs towards the first start-up of the year who joined $1 Billion valuation club.
In 2018, Pine Labs raised $125 million from Temasek and PayPal holdings while for MasterCard, the raise was an undisclosed investment amount.
PineLabs is backed by Sequoia Capital, PayPal, Actis Capita, and Altimeter Capital. In the recent fundraise, it is expected that the company has raised $75 to $100 Million which was led by Stefan Mandel’s, US-based Billionaire, Lone Pine Capital fund.
This investment has positioned Pine Labs as the third most valued fintech company. The other two most valued fintech companies in India are Paytm and PhonePe.
The round was led by Lone Pine in India, who has previously made big-money deals for various fintech firms. However, the latest round didn’t see any investment from existing investors.
In this round, some of the early investors sold their shares too. The current valuation of the company has reached over $2 Billion.
Pine Labs ”pay later”:
Currently, Pine Labs are heavily investing in POS terminal, buy now pay later options as well as smart EMI options for their customers.
Earlier in December, Pine Labs and MasterCard announced that they will expand their pay later solutions to the 5 South East Asian market early in the next year.