Pine Labs, one of Asia’s leading merchant commerce platforms, today announced a new investment round in the company with the entry of Invesco, a US-based investment management company. Invesco Developing Markets Fund has invested US $100M in Pine Labs.
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Earlier in July 2021, the company had announced a total round size of US $600M and brought in a marquee set of new investors. Pine Labs is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors.
“Over the last 18 months we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey,” said B. Amrish Rau, CEO, Pine Labs.
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“The Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading fintech services company in India that fits our strategy of seeking high quality companies that have durable long-term growth potential,” said Justin Leverenz, CIO of Developing Markets Equities at Invesco.
Pine Labs offers a range of in-store and doorstep payment solutions and BNPL offering at the point of sale. The company recently beefed-up investment on the consumer side of the business with the acquisition of Southeast Asia’s leading consumer fintech platform Fave in April 2021 and has a leading presence in the Prepaid and Stored Value space through its 2019 acquisition of Qwikcilver.