Fintech giant Pine Labs raises $20 million from SBI
- ByTejika Bajaj | January 5, 2022
Fintech giant Pine Labs has recently announced that it has raised a sum of $20 million in a funding round from India’s largest financial institution SBI (State Bank of India) prior to its IPO (initial public offer). Sources reveal that this round of funding is a pre-IPO round of the fintech giant.
The company official’s revealed that the IPO bound Pine Labs is planning to deploy the freshly infused capital for the development of its latest online payment channel- Plural.
Commenting on the recent infusion of funds, B Amrish Rau, CEO of Pine Labs stated, “In the last one year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.”
Founded by Lokvir Kapoor in 1998, Pine Labs offers merchant commerce solutions thereby empowering large and mid-sized businesses across Asia and Middle East to accept digital payments as a mode of transaction. The giant offers services including enterprise automation systems such as customer relationship and inventory management. The platform claims to have helped close to 140,000 merchants, 3.5 lakh PoS (point of sale) terminals across 3,700 cities and towns in India as well as Malaysia. The startup counts Sequoia India, Actis Capital, Temasek, PayPal, among others as its investors.
Post a funding back-up by US multinational firm MasterCard, Pine Labs finally found itself in the coveted unicorn club. Media reports reveal that Pine Labs is eyeing a $1 billion public listing and is geared up to get itself listed on the US-based NASDAQ stock exchange by this year. It has hired Morgan Stanley as well as Goldman Sachs as advisors for this listing.
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