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.