On Wednesday, the leading merchant commerce platform Pine Labs said it has raised $50 million from Vitruvian Partners, a London-headquartered international investment firm.
Pine Labs serves large, mid-sized, and small merchants across India and Southeast Asia, and is expanding its Buy Now Pay Later (BNPL) offering in Southeast Asia.
“We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later (BNPL) offering to new markets through strategic collaborations,” saidAB. Amrish Rau, CEO, Pine Labs.
Earlier this month, the company launched the ‘Mastercard Installments with Pine Labs’ program, with Mastercard and DBS Bank to empower the bank’s two million customers in Singapore, Indonesia, and Hong Kong with Pay Later installment purchase options at the point of sale.
Peter Read, Partner at Vitruvian Partners, said that the investment in Pine Labs follows “several investments we have made into the digital payments space”.
“We’re excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market,” Read added.
In April last year, 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.
Fave is currently available in Singapore, Malaysia, and Indonesia with a planned roll-out in India in the near term.
Incorporated in Singapore, Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard.