Alpha Wave invests $150 million in Pine Labs
- ByStartupStory | February 19, 2022
Pine Labs has secured $150 million from Alpha Wave Global in a mix of main and secondary fundraising, valuing the IPO-bound digital payments and financial services provider at over $5 billion, according to numerous sources familiar with the matter.
According to Alpha Wave’s Singapore regulatory filings, the first tranche of $75 million has already been distributed. Dealstreet Asia was the first to report on Pine Labs’ first round of funding.
According to sources close to the situation, the financing arrangement also includes a supplementary round of funding around $50-75 million. In a secondary offer, new investors typically purchase shares directly from current shareholders who are aiming to dilute or sell their positions.
Pine Labs was in the final stages of obtaining at least $100 million from Falcon Edge (now rebranded as Alpha Wave), according to ET. The company is valued at $5-5.5 billion.
Plural, a payment gateway, was created in 2021 as part of a diversification strategy to assist new-age direct-to-consumer (D2C) firms accept digital and credit-linked payments.
ET reported earlier this month that Pine Labs is in talks to buy API-based infrastructure provider Setup for $70-100 million in cash and stock, citing persons familiar with the situation.
Separately, the business announced the purchase of Qfix Infocomm, a Mumbai-based online payments startup, to expand its online payments offering and provide merchants with other services such as billing, invoicing, and workflows.
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