Pine Labs Raises another $100 Million in Funding

One of Asia's leading merchant commerce platform Pine Labs has raised another $100 million in funding weeks after raising $600 million in a financing round. This funding came from Invesco Developing Markets Fund.

"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.

Pine Labs counts Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard as its investors. The company offers a range of payment solutions and BNPL offering at the POS. The company recently started focusing on the consumer side of business with the acquisition of fintech platform Fave in April this year.

"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.

 

Glory Technology Group is acquiring a minority stake in OneBanks

GLORY LTD, a popular name in the global cash tech solutions to the fast food, retail, and financial industries, has recently made an announcement that it will now invest in OneBanks, an innovator in the banking segment. Glory will be the cornerstone of the funding round, and it will also support the ambitions of OneBanks to become a prominent name in the global everyday banking sector. oneBanks has already secured funding from several prominent angel investors like Baroness Bottomley and Rupert Pennant-Rea. After the latest funding round, Glory will become the main external investor with a large minority in the enlarged capital.

Along with Glory’s commitment and support from additional funds, OneBanks is all set to take over the market. As of now, OneBanks is testing its shared branch kiosk in three locations, and plans are in motion to replicate the same in 15 locations by the end of 2022. The company is expecting to have at least 150 kiosks by the end of 2025. OneBanks developed new proprietary technology to allow multiple banks to offer greater services from one location.  This will significantly lower the costs when compared to the traditional banks. The customers participating in the same will have free access to multiple transactions.