Mastercard-backed Indian merchant commerce platform Pine Labs has completed a first close of $285M funding at a valuation of $3 billion.
Pine Labs currently offers payments terminals, invoicing tools and working capital to more than 150,000 merchants across Asia and the Middle East. The firm in January entered the booming buy now, pay later market with a new proposition in Malaysia, and in April acquired Southeast Asian equivalent Fave for $45 million.
Investors in the latest funding round include Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated.
The firm, which is also backed by PayPal, has seen its valuation shoot up threefold from $1 billion in ealy-2020 to $2 billion by the end of last year.
B. Amrish Rau, CEO, Pine Labs, says: "This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners."