Singapore – Indian merchant commerce platform Pine Labs has raised US$50m from Vitruvian Partners, a London-headquartered international investment firm.
With this newly secured investment, Pine Labs will continue to expand its BNPL offering in the Southeast Asia region.
Amrish Rau, Pine Labs’ CEO, shared that they are deeply focused on the omnichannel play and are building frictionless and seamless payment experiences for their merchant partners and large enterprises.
“We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later offering to new markets through strategic collaborations. We welcome Vitruvian Partners on this journey and thank them for the trust shown in us,” said Rau.
Meanwhile, Peter Read, Vitruvian Partners’ partner, commented that their investment in Pine Labs follows several investments they have made into the digital payments space, and they are excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market.
“We were impressed by the versatility of the omnichannel payments platform, as well as the expanding geographic footprint,” said Read.
Earlier this month, Pine Labs has launched the ‘Mastercard Installments with Pine Labs’ program with Mastercard and DBS Bank to empower the bank’s two million customers in Singapore, Indonesia, and Hong Kong SAR with Pay Later instalment purchase options at the point of sale.
