Pine Labs, payments startup company based in India, has completed the first close of a $285 million funding round.
Just last month, the company acquired Fave, a Malaysia-based mobile payments and customer loyalty platform.
- Pine Labs has reached the first close of its $285 million fundraising round.
- The new round values Pine Labs at $3 billion, a 50% increase from December 2020.
- Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management were investors in the new round, alongside previous investors Temasek, Lone Pine Capital and Sunley House Capital.
- Back in April, Pine Labs acquired Fave, a Malaysia-based mobile payments and customer loyalty startup company for $45 million.
Why It Matters
- Pine Labs claims to have over 140,000 merchants in their network.
- Pine Labs is preparing for aggressive growth across India and Southeast Asia.
- The company has been making a series of acquisitions over the past few months to further bolster their offerings to the market.