Pine Labs now has boarded a new investor in the company as the startup gears up for its Initial Public Offering (IPO). The country’s largest public sector bank State Bank of India has made a $20 million investment in the merchant platform.
“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”, B Amrish Rau, CEO of Pine Labs.
To date, the merchant platform has raised a total of $700 million in two rounds of fundraising. The first $600 million was raised in July 2021 by Fidelity Investments, Blackrock and other investors at a valuation of $3 billion. In September 2021, the company raised $100 million from Atlanta-based investment management company Invesco. The company is also backed by Sequoia Capital, Temasek Holdings, Actis, PayPal, Mastercard and other investors.
The company provides services such as merchant payments, PoS and Buy Now Pay Later (BNPL) solutions. The company also expanded its business across India and Southeast Asia with its acquisition of payments application Fave. The company is planning to invest the money in Plural, an online payments gateway platform.
Ahead of its IPO, the company have appointed Morgan Stanley and Goldman Sachs as their advisors and is eyeing a valuation of $6 billion through its IPO. Founded in 1998, Pine Labs processes payments worth $30 million in a year. It serves over 150,000 merchants in 3,700 cities across Asia and the Middle East.