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 merchantsâ€™ business growth.
Currently, over 1 million merchants in India and several other Asian regions use Pine Labsâ€™ platform and solutions and are used in sectors such as food and beverage, fashion, telecom, electronics and telecommunications.
The companyâ€™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.
Â Pine Labs CEO B Amrish Rau said, â€œIn 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.â€
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