Tag: pine labs

IPO-bound Pine Labs raises $100 million from US investment fund, BFSI News, ET BFSI

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Mumbai: Pine Labs, which plans to go public in the US next year, said on Thursday that it has raised $100 million from US-based Invesco Developing Markets Fund. The new funding comes just months after it raised $600 million in two tranches from a host of global and domestic investors, which valued the firm at $3.5 billion. Pine Labs’s valuation in its latest round could not be immediately determined.

ET reported earlier on Thursday that the firm had appointed Wall Street bankers Goldman Sachs and Morgan Stanley to steer its US listing and was in talks with investors to raise $100 million. Sources said the firm is eyeing a valuation of $6 billion for its IPO. The Noida-based firm is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard, amongst others.

“Over the last 18 months we have scaled our prepaid issuing stack, online payments, and also the buy now pay later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. [We’re] very excited to have a marquee investor like Invesco join us in the journey,” B. Amrish Rau, chief executive officer of Pine Labs, said in a statement.

Pine Labs predominantly specialises in developing software and deployment solutions for point of sale (PoS) devices for storefronts. It has been diversifying its offerings on its newly developed software platform with enterprise solutions such as BNPL integration, invoice management, payment gateway and issuing prepaid cards. The third-highest-valued fintech firm in India behind Paytm and PhonePe, the startup posted a net revenue of Rs 800 crore in FY21, according to company estimates shared with ET in July.

Digital payments continue to see steady growth in India, fuelled by the Covid-19 pandemic. Consumer-focused fintech startups such as Paytm and Mobikwik have also filed their draft prospectuses to go public on domestic exchanges later this year.

Risk investors, both global and domestic, have flocked to the sector in India amid regulatory constraints in investing in China. Late last month, Prosus acquired digital payments processor BillDesk in a $4.7-billion all-cash deal.



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Pine Labs partners with OneCard

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Pine Labs, a merchant commerce platform, has partnered with OneCard, India’s first exclusive mobile-based credit card, to extend its equated monthly instalments (EMI) offering to all OneCard credit card holders.

Digital transactions grew 80% in last 250 days: Razorpay report

With this collaboration OneCard credit card holders will now be able to avail interest-free EMI on their credit card for mid and high-value purchases made at Pine Labs PoS terminals across the country.

Festive season ahead

Commenting on the partnership, Kush Mehra, Chief Business Officer, Pine Labs, said in a statement, “With the festive season in India fast approaching, we are delighted to now expand the scope of our EMI proposition to OneCard customers. This association with FPL will add more shoppers to the thriving interest-free EMI ecosystem we have on Pine Labs PoS terminals and give more customers the option to convert their regular purchases into interest-free EMIs in a matter of seconds.”

South Indian Bank launches SIB-OneCard credit card

Vibhav Hathi, Co-founder & CMO, OneCard, said, “With this partnership our customers can avail enhanced flexibility while managing their cash flow through the choice of EMI payments. Our partnership just ahead of the festive season will enable customers to enjoy hassle-free shopping through smart, easy and affordable instalments with just a swipe of their card.”

Targeting the tech-savvy

With this partnership, Pine Labs is aiming to target the tech-savvy population serviced by OneCard, while OneCard aims to solve the problem of short-term liquidity without burdening its customers with high interest fees.

The EMI integration is being rolled out at Pine Labs’ merchant partner outlets pan India, whereby all OneCard credit card holders will now be able to avail the EMI offering across more than 2.7 lakh Pine Labs PoS terminals in the country.

Pine Labs is expanding its instalment payment offering to international markets and recently partnered with Atome in Malaysia to enable affordable shopping options for customers in that region.

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Pine Labs announces $600 million in funding

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Pine Labs has raised $600 million from a clutch of new investors including Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, a fund advised by Neuberger Berman Investment Advisers LLC. IIFL AMC via its ‘Late-Stage Tech Fund’ and Kotak are also participating in this investment round.

“Pine Labs continues to be well-financed and has been EBITDA-profitable for several years,” said a statement.

The company is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors.

Also read: Furlenco raises ₹1,000 crore in funding round led by Zinnia Global

“Over the last year, Pine Labs has made significant progress in its offline to online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100 per cent over the last year,” said Amrish Rau, CEO, Pine Labs.

What Pine Labs does

Pine Labs is a merchant commerce platform and offers products for in-store and doorstep payments, Pay Later at the point of sale, prepaid issuance and online payments to large, mid-market and small retailers.

“Through its acquisitions of QwikCilver and Fave, Pine Labs now has the market leading pre-paid platform in this region as well as the top consumer loyalty product in this market. With leadership across multiple categories, the company is very well positioned to help drive immense value to its merchant partners in India and across other SEA markets,” said Shailendra Singh, MD, Sequoia Capital.

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Pine Labs appoints Marc Mathenz as CFO, BFSI News, ET BFSI

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Pine Labs has appointed Marc Mathenz as the Chief Financial Officer.

Marc is known for scaling and growing international businesses with an entrepreneurial and transformation mindset. He’s known for expanding Fiserv and First Data businesses in the APAC region with strategic M&A, skillful integration. Marc was former MD & CEO of both Fiserv and First Data in APAC and was regional CFO at First Data earlier.

B Amrish Rau, CEO, Pine Labs said, “In this key phase of growth for Pine Labs, I am delighted to welcome Marc Mathenz as the next CFO. Marc takes over the reins from Sameer who has done a great job as CFO and now moves to a new role in Capital Markets for the organisation. Marc is a multidimensional leader with deep financial expertise and will help steer the Pine Labs battleship, which is poised for bigger and better milestones in its journey ahead.”

Rau said, “A great addition to our leadership team as we scale new frontiers in the times ahead. On a lighter note, I knew we had the right fit when Marc picked Moneyball as his favourite movie ever; a willingness to succeed against all odds, that’s a winner’s trait. I wish Marc the best.”

Marc Mathenz, CFO, Pine Labs, said, “I am very excited to be joining Pine Labs at this pivotal point in its journey. As the company sets out to become a merchant and consumer focused payments and fintech market leader across Asia Pacific, I hope that my experience in managing and scaling multi-country and multi-cultural businesses will help Pine Labs accelerate its already steep growth trajectory.”



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Digital payments: India pips China, US, others in 2020; leads global tally with this many transactions

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UPI transaction value witnessed a growth of 18.7 per cent month-on-month to Rs 5.05 lakh crore in March 2021 from Rs 4.25 lakh crore in February 2021.

Amid Covid, India was home to the highest number of real-time online transactions in 2020 ahead of countries such as China and the US. 25.5 billion real-time payments transactions were processed in the country followed by 15.7 billion in China, 6 billion in South Korea, 5.2 billion in Thailand, and 2.8 billion in the UK. Among the top 10 countries, the US was ranked ninth with 1.2 billion transactions. The transaction volume share for instant payments India, among real-time transactions, was 15.6 per cent and 22.9 per cent for other electronic payments in 2020, according to a report by the UK-based payments system company ACI Worldwide. Importantly, paper-based payments continued to have a considerable share of 61.4 percent in India.

However, this is expected to change by 2025 as volume shares for instant payments and other electronic payments are likely to grow to 37.1 per cent and 34.6 per cent respectively. Consequently, the share of paper-based transactions would contract to 28.3 per cent. Moreover, the share of real-time payments volume in overall electronic transactions will exceed 50 per cent by 2024. “India’s journey of creating a digital financial infrastructure has been characterized by collaboration between the government, the regulator, banks, and fintechs. This has helped to advance the country’s goal of enabling financial inclusion and also provided rapid payments digitization for citizens,” said Kaushik Roy, VP and head of product management, Asia, ME and Africa, ACI Worldwide in a statement.

Also read: Radhakishan Damani’s Rs 1,000 crore home: DMart founder buys new property at Mumbai’s Malabar Hill

India’s digital payments market led by Paytm, PhonePe, Pine Labs, Razorpay, BharatPe, and others on the B2C and B2B sides has surged during the pandemic even as incentives such as cash backs, rewards, and offers have helped businesses to attract more customers. Moreover, policy frameworks such as Pre-Paid Instruments (PPI), Universal Payment Interface (UPI) by the NPCI apart from Aadhar, and the launch of BHIM-app have driven the financial inclusion and improved the payment acceptance infrastructure in the country in the past few years.

According to another report by the Indian Private Equity and Venture Capital Association (IVCA) and Ernst & Young, digital payments in India is expected to grow at 27 per cent CAGR during the FY20-25 period from Rs 2,153 lakh crore transactions in FY20 to Rs 7,092 lakh crore in FY25. UPI transaction value witnessed a growth of 18.7 per cent month-on-month to Rs 5.05 lakh crore in March 2021 from Rs 4.25 lakh crore in February 2021 while transaction volume rose by 19 per cent to 2,731.68 million from 2,292.90 million during the said period, according to data released by National Payments Corporation of India (NPCI).

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