Fintech unicorn Pine Labs acquires Saluto Wellness’ enterprise platform
- ByStartupStory | January 24, 2023
Pine Labs, a fintech unicorn, announced that Saluto Wellness Pvt Ltd. of Bengaluru has sold it a proprietary enterprise platform. With this transaction, Pine Labs’ Qwikcilver-branded Issuing Business will have improved capabilities. This would enable it to better serve medium-sized and large-sized businesses by enhancing its services in the areas of employee incentives and recognition, customer loyalty programmes, and channel partner programmes. The agreement’s terms weren’t made public.
Through its 2019 acquisition of Qwikcilver, which merged with Pine Labs last September, Pine Labs has a dominant foothold in India for prepaid, stored value, and gift card solutions. In 2017, Siva Kumar and Anoop Nambiar created Saluto Wellness together.
“Their solution, integrated with our offerings, will help us deliver more programmes to our existing enterprise clients, resulting in larger and more long-term engagements,” said Kumar Sudarsan, President, Issuing Business, Pine Labs.
Over the following ten years, the Indian market for loyalty programmes is anticipated to expand at a CAGR of 15%. According to Future Market Insights, it is anticipated to grow from over $ 3 billion in 2022 to $ 10.8 billion by 2031.
Siva Kumar, Co-founder and CEO of Saluto Wellness said, “We have already established a good working relationship with the Pine Labs team and look forward to being a driving force to further Pine Labs’ leadership in this space with innovative outcomes.”
Also Read
Follow Startup Story
Related Posts
