On Tuesday, merchant commerce platform Pine Labs announced it had acquired Mumbai-based online payments startup Qfix for an undisclosed sum.
More than 5,000 merchants are presently on the Qfix platform, including educational institutions, governments, and clubs.
“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,” said Amrish Rau, CEO of Pine Labs.
In October 2021, Pine Labs announced its foray into the online payments space with the launch of Plural.
“This acquisition will help us serve to 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 Pvt Ltd.
Qfix focuses on identifying and creating communities with common needs and enabling large-scale commerce within those communities on a single platform.
Its education platform is used by over 5,000 institutes ranging from K12 to large professional colleges and institutes across India.
In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save.
Incorporated in Singapore, Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard.