Riding the BNPL wave, Mastercard-backed Indian merchant commerce platform Pine Labs has picked up a fresh $100 million investment from Invesco's Developing Markets Fund
Earlier in July 2021, the company had announced a total round size of US $600M and brought in a marquee set of new investors.
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.
B. Amrish Rau, CEO, Pine Lab, comments: “Over the last 18 months we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey."
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.