FinTech unicorn Pine Labs raises more capital

FinTech unicorn Pine Labs has received a $50m investment from London-headquartered investment firm Vitruvian Partners.

The company, which is based in India, provides companies with a selection of payment infrastructure for online, in-store and omnichannel payments. Its services include buy now, pay later, reward systems, cashback, prepaid cards, analytics, loyalty cards and more.

Pine Labs CEO B. Amrish Rau said, “At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises.

“We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later offering to new markets through strategic collaborations. We welcome Vitruvian Partners in this journey and thank them for the trust shown in us.”

The FinTech company is currently expanding its buy now, pay later services in Southeast Asia.

Another recent development was the launch of Mastercard Installments with Pine Labs. This is a program with Mastercard and DBS Bank to empower the bank’s customers in Singapore, Hong Kong and Indonesia with buy now, pay later services.

Pine Labs has raised a lot of capital over the years. It previously bagged $20m from the State Bank of India in January 2022. Prior to that is collected $100m in September 2021 from Invesco.

The FinTech company hit a $3bn valuation in July 2021, after it closed a $600m funding round.

This is the second FinTech investment from Vitruvian Partners this week. It recently deployed $35m into Moonfare, which provides individuals the ability to invest into private equity and venture capital funds.

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