Pine Labs Pvt Ltd, a payment solutions provider on the verge of a US IPO, recently announced that it has raised an additional $20 million (about Rupees 150 crore) in new funding from the State Bank of India (SBI).
Pine Labs plans to use the new funds to scale Plural, its recently launched brand of online payment tools, to become merchants’ preferred omnichannel partner.
B. Amrish Rau CEO at Pine Labs stated that they are delighted that India’s largest bank, the State Bank of India, has placed their trust in them and welcomed them to this journey. They provide merchants with seamless and secure payment experiences across physical and online platforms. Several prominent investors have trusted their business strategy and growing pace in recent years, which is a gratifying experience. This affiliation with SBI is a personally rewarding experience for Rau because he started his career selling financial services technology to SBI.
Pine Labs raised a total of $600 million in 2021 from Fidelity, Blackrock, and others in the United States, followed by a $100 million investment from the Invesco Developing Markets Fund in the United States.
Rajul Garg founded Pine Labs in 1998, but he left in 2003. The payments company was then taken over by Lokvir Kapoor, the company’s current chairman. It focused on large-scale innovative card-based payments and loyalty solutions for Indian metro firms before shifting to its current business model.
In the past, the corporation has undertaken acquisitions as well. In April 2021, it paid $45 million (337 crores) for Southeast Asia-based financial platform Fave. Pine Labs made a strategic investment in Fave in July 2020. Pine Labs previously bought QwikCilver in 2019.
About State Bank of India
SBI is India’s largest public-sector banking and financial services company. With its headquarters in Mumbai, a national presence of over 24,000 branches across the country, and a worldwide footprint of 190 overseas offices, we are the industry leader.
For more information, visit https://bank.sbi/
About Pine Labs
Pine Labs provides a merchant platform that comprises technology and financial solutions to assist merchants in growing revenue, lowering the cost and complexity of running a business, and controlling risks. The company connects financial institutions and consumer brands to enable merchants to provide value to their retail customers.
For more information, visit https://www.pinelabs.com/