Pine Labs, a startup that offers merchants payments terminals, invoicing tools and working capital, said on Monday it is raising $285 million in a new financing round as the nearly two-decade-old firm looks to expand its business.
Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management financed the new funding round, while existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in it, the Indian startup said.
The new round valued Pine Labs at $3 billion, up from about $2 billion in a December round last year.
“We’re thrilled to welcome marquee investors like Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital and Moore Strategic Ventures to the already pristine cap table of Pine Labs. This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners,” said B. Amrish Rau, CEO of Pine Labs, in a statement.
The startup, which also counts PayPal among its investors, serves over 140,000 merchants. It runs an analytics app on debit card base of banks it tied up to determine the extent of credit to be made available to every cardholder. PineLabs then converts large payments into EMIs (equated monthly instalment) using its Pine Pay Later application. Amid the pandemic late last year, the startup was onboarding over 10,000 new businesses to the platform each month.
More to follow…