Pine Labs bags $50 Mn from Vitruvian

Merchant commerce platform Pine Labs has raised $50 million from Vitruvian Partners, a London-headquartered international investment firm.

Pine Labs is expanding its BNPL offering in Southeast Asia. Earlier this month, the company had launched ‘Mastercard Installments with Pine Labs’ program with Mastercard and DBS Bank to empower the bank’s two million customers in Singapore, Indonesia, and Hong Kong SAR. 

According to Pine Labs' CEO Amrish Rau, the company has also conducted an ESOP buyback worth Rs 100 crore or $13.5 million. 

Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia. The company's cloud-based software platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management.

In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save.

Fave is currently available in Singapore, Malaysia and Indonesia with a planned roll-out in India in the near future.

Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.