[Funding alert] Pine Labs raises $ 20 million from SBI

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Merchant commerce platform Pine laboratories said on Tuesday that he had raised $ 20 million from the State Bank of India, India’s largest commercial bank.

The Amrish Rau-led startup, which entered the coveted unicorn club in 2020, said it was looking to invest new capital to scale Plural gateway, a payment gateway that allows merchants to accept payments through multiple methods and other online payment products.

Last year, the Singapore-based fintech company raised $ 600 million from a multitude of renowned investors, including Fidelity Management and Research Company, BlackRock Inc, a fund advised by Neuberger Berman Investment Advisers LLC, Ishana, Tree Line, IIFL AMC through its Late-Stage Tech Fund, and Kotak. He raised another $ 100 million from US-based investment management firm Invesco Developing Markets Fund in September.

“Over the past year, several renowned investors have placed their trust in our business model and our growth momentum and it is a gratifying feeling. This association with SBI is a personally satisfying experience as I started my career selling financial services technology at SBI, “Amrish said in a press release.

The startup said it was also develop its “buy now, pay later” microcredit activity across India and South East Asia, while focusing on growing its consumer payments business, which it entered by acquiring Fave.

The merchant commerce platform is strengthen capital and raise funds from investors, with a initial public offering (IPO) in his sights. He has appointed Wall Street banks, including Morgan Stanley and Goldman Sachs, as advisers for its US IPO next year, the Economic Times reported.

The IPO could value Pine Labs at $ 6 billion, nearly double the $ 3.5 billion price it attracted in July when it raised $ 600 million, the report adds.

The Indian fintech space has witnessed important consolidation over the past year. The main fintech players such as Payment and PoliticsBazaar have already marked their debuts on Indian stock exchanges, and it is widely believed that others may soon join the ranks, including MobiKwik, which delayed its IPO last year due to the Paytm stock rout.

In August 2021, Prosus, owned by Naspers, purchased a digital payment processor BillDesk for $ 4.7 billion to strengthen its PayU Business.

Pine Labs, which provides a range of financial services including point-of-sale devices, merchant commerce, and finance, acquired the paid and saved Fave app for $ 45 million in April of last year. The app has over six million users and over 40,000 merchants.

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