Pine Labs raises $100 mn from U.S. fund

September 16, 2021 08:00 pm | Updated 08:00 pm IST - Bengaluru

Pine Labs, a merchant commerce platform, said U.S.-based investment management company, Invesco Developing Markets Fund, has invested $100 million in it.

In July, the company had announced a total round size of $600 million. Pine Labs is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard and others.

“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,’’ said B. Amrish Rau, CEO, Pine Labs.

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