Riding the BNPL wave, Mastercard-backed Indian merchant commerce platform Pine Labs has picked up a fresh $50 million in funding from London-based investment firm Vitruvian Partners.
The latest tranche of funding follow a $20 million investment in January from India's commercial bank, the State Bank of India (SBI).
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.
Earlier this month, the company launched ‘Mastercard Installments with Pine Labs’ programme with Mastercard and DBS Bank to empower the bank’s two million customers in Singapore, Indonesia, and Hong Kong SAR with Pay Later installment purchase options at the point of sale.
Commenting on the fund raise, B. Amrish Rau, CEO, Pine Labs, says: “We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later offering to new markets through strategic collaborations. We welcome Vitruvian Partners in this journey and thank them for the trust shown in us.”