State Bank of India backs Pine Labs with $20m investment

Indian buy now, pay later (BNPL) firm Pine Labs has secured a $20m investment from the State Bank of India, the largest commercial bank in the country.

Founded in 1998, Pine Labs is a FinTech unicorn that helps to connect financial institutions and consumer brands by offering offline and online last-mile retail transactions, providing customer insights to merchants for targeted sales as well as offering risk-managed financial solutions for merchants’ business growth.

Currently, over 1 million merchants in India and several other Asian regions use Pine Labs’ platform and solutions and are used in sectors such as food and beverage, fashion, telecom, electronics and telecommunications.

The company’s platform powers over 3.3 million point of sale terminals and over 550 million digital transactions every year. Pine Labs has a presence in 3700 cities and towns across both India and Malaysia.

Pine Labs is coming off a very strong 2021. In May, the company raised $285m in a round of funding which valued the firm at $3bn. In July, Pine raked in $600m from a round led by BlackRock and Fidelity Management and Research Company. The firm rounded off the year with a $100m raise in September.

 Pine Labs CEO B Amrish Rau said, “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.”

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