Digital Payments Platform Pine Labs Raises $82Mn Led By Actis Capital, Altimeter
Digital payments platform, Pine Labs, has raised $82 million in an investment round led by emerging markets investors Actis Capital. US based technology focused fund Altimeter Capital also participated in the round said Lokvir Kapoor, CEO of Pine Labs.
After the closing of latest funding round, the startup value reached to $800-900 million as per reports published in Livemint.
The raised capital from Actis and Altimeter, will be used to expand into international markets such as United Arab Emirates (UAE), Saudi Arabia and Indonesia. Funds will also be used to develop new services for merchants, over and above the basic payments processing services.
Malaysia is the first International expansion said Kapoor.
Pine Labs provides targeted customer-engagement campaigns, consumer analytics and in-store consumer financing along with products such as electronic gift cards and a pay-by-points product that spans major card loyalty programmes and it has also partnered with non-banking finance companies for merchant lending, all this constitutes 30% revenues for Pine Labs.
The startup offers cloud based point-of-sale (PoS) payments solutions as well as e-wallets, QR code payment solutions and unified payments interface (UPI)-based solutions altogether.
Sequoia Capital backed Pine Labs currently processes 450 million transactions worth over $15 billion on an annualized basis.
“We have a presence of about 300,000 PoS in the market, which is about 10% of the footprint in the country. We have about 15% of the card volume flowing through our network,” said Kapoor.