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Pine Labs raises fresh funds at valuation of over $2 billion

payments, digital payments

Pine Labs has raised around $100 million in fresh funds from Lone Pine Capital, a hedge fund based in the United States, at a valuation of over US$2 billion, it said in a statement. With this round of funding, the domestic point-of-sale (POS) device player becomes the third most valued fintech in the country after Paytm and PhonePe. Pine Labs has a network of over 150,000 merchants in 3,700 cities across Asia and the Middle East and processes around $30 billion of payments per year. The company has been partnering with banks and card network companies in recent months to offer new services, particularly loans at POS devices for consumers. “Small businesses and consumers are fast adopting to digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and South-East-Asia," said Amrish Rau, chief executive officer, Pine Labs. [embed]https://twitter.com/amrishrau/status/1340862487739027456[/embed] Earlier in January this year, Pine Labs raised funds from Mastercard which propelled the PoS player to the coveted unicorn status, or startup with a valuation of over $1billion. With its partnership with Mastercard, the company is expanding to the South East Asian market to offer "Buy Now Pay Later' loan options in offering Thailand, the Philippines, Vietnam, Singapore and Indonesia. Further, in July, the company bought a stake in loyalty payments platform Fave and now provides cashless payment solutions to over 50,000 merchants in…

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