Merchant commerce platform Pine Labs on 21 December announced that it had raised fresh funds in a new round of funding from Lone Pine Capital (Lone Pine). This investment takes the valuation of the company to over $2 billion now. Lone Pine’s investment follows the strategic investment made by Mastercard in January 2020, when Pine Labs attained unicorn status. Earlier in December, Pine Labs and Mastercard jointly announced that they would expand their integrated “pay later” solution to five South-East Asian markets early next year.
“We are thrilled to welcome Lone Pine as an investor during this exciting and transformative phase of Pine Labs’ growth journey,” commented B. Amrish Rau, CEO, Pine Labs. “Small businesses and consumers are fast adopting to digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and SEA.”
“We are excited to partner with Pine Labs as they innovate at scale in the payments and merchant commerce space, benefiting consumers, merchants, and financial institutions,” said Mala Gaonkar, Portfolio Manager and Managing Director at Lone Pine. “The Pine Labs team is leveraging key structural changes taking place across payments and fintech globally, including the integration of software and payments at the point-of-sale, the digitization of small-to-medium enterprises, and the rapid adoption of buy-now-pay-later offerings. We look forward to the road ahead.”
Pine Labs serves more than 150,000 merchants in 3,700 cities across Asia and the Middle East.