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…
- DPDP Bill, 2022: A Small Amendment May Impact Indians’ Rights to Information and Accountability November 28, 2022
- Why has the Indian central bank stopped Paytm from onboarding new online merchants? November 28, 2022
- U.S. Prohibits Imports of Blacklisted Communications Gear Over National Security Concerns November 28, 2022
- Three arrested for flying drone during PM Modi’s visit to Bavla, Gujarat November 28, 2022
- New Instagram Reels Competitor, Platform, To Be Launched In January 2023 November 28, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...