IPO-bound Pine Labs has secured $150 million in a mix of main and secondary capital from Alpha Wave Global (previously Falcon Edge), at a valuation of more than $5 billion.
According to regulatory records submitted by the firm in Singapore, the digital payment and financial services provider has already got the first tranche of $75 million from Alpha Wave. Dealstreet Asia was the first to report on this development.
According to individuals familiar with the deal terms, the present fundraising also includes an additional round in the amount of $50 million to $75 million. Pine Labs CEO Amrish Rau verified the news on Friday morning, explaining that the cash is being used to help the company establish an omnichannel approach.
“We can confirm that Alpha Wave Venture has invested $150 million in Pine Labs. We are happy to bring a marquee investor on board. Our omnichannel strategy is showing strong revenue growth. We are also seeing strong growth in international markets, ” Rau added. He did not, however, remark on the current round’s secondary rise.
With the purchase of Singapore-based loyalty payments company Fave last year, merchant-focused fintech made its first foray into consumer products. Consumers would be able to make payments through the universal payments interface (UPI) provided the corporation followed through on its ambitions. With the acquisition, it hoped to expand further into Southeast Asian areas.
This year, the corporation was planning to expand into the Middle East. Pine Labs, which has mostly focused on offline retailers, developed Plural, a payment gateway last year to assist new-age direct-to-consumer (D2C) firms in accepting digital and credit-linked payments, in an effort to diversify.
It has also made a concerted effort to expand its presence in the online payments market. It revealed earlier this month the purchase of Mumbai-based online payments company Qfix Infocomm to strengthen its online payments offering and provide other services to businesses such as billing, invoicing, and workflows.
Pine Labs has filed with the US Securities and Exchange Commission for a ‘secret’ initial public offering (IPO) of $500 million, with a valuation of $6 billion to $7 billion. In the same month, the firm received $20 million from the State Bank of India, India’s largest lender. Sequoia Capital, Temasek Holdings, Actis, PayPal, and Mastercard are among the companies that have invested in the firm.
