Point-of-sale device company and merchant commerce platform Pine Labs has closed its ongoing fundraise at $600 million. This Singapore-registered company had raised $285 million as the first tranche of this round in May 2021.
Fidelity Management & Research Co. and BlackRock Inc have led the current round and valued the company at around $3 billion.
The development comes at a time when Pine Labs is preparing for its initial public offering or IPO. According to media reports, the company is planning to list on the stock exchange within the next 18 months.
Pine Labs had recently entered into the e-commerce enablement and consumer payments segments after the acquisition of Malaysia-based Fave.
The company’s “pay later” offering covers 100 million customers in India, Singapore and Malaysia, allowing buyers to pay in EMIs for products such as Apple and Samsung.
It also runs a prepaid gifting platform called QwikCilver in India, Southeast Asia, Middle East, Europe and Australia.