Platforms Featured Southeast Asia

Pine Labs raises US$50m, bolsters BNPL offering in SEA

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.

Platforms Featured Southeast Asia

Pine Labs’ Buy Now Pay Later feature now available in Malaysia

Kuala Lumpur, Malaysia – Merchant commerce platform Pine Labs has announced that it will be making its Buy Now Pay Later (BNPL) feature in Malaysia, following the foray of its subsidiary Pine Payment Solutions, a payment platform in the country and the success of its offline BNPL solution in India.

The expansion comes at an interesting time when there is pent-up demand among consumers after a prolonged period of lockdown; consumers want easier access to credit and merchants are looking for newer ways to revive sales.

Pine Labs is providing a tech-first offline payments solution where on a single terminal, multiple credit issuers can make BNPL offers to customers. 

Pine Labs’ BNPL launch in Malaysia will further accelerate digital payments adoption in the country and make it possible for merchants to sell more in this tough business environment post the pandemic.

Some of the available banks in the platform include CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank. 

“It is an excellent product and a win-win proposition for everyone involved including consumers who get affordable buying options, merchants who are getting an enticing proposition to woo customers back to the stores and boost their sales, and banks and brands who get to build their brand loyalty,” said Kush Mehra, chief business officer at Pine Labs.

He also mentioned that their recent partnership with financial services Mastercard will enable them to expand across other markets.

The company has ambitious plans as well to launch BNPL in the rest of the Southeast Asia markets. Late last year, Pine Labs had announced its intent to launch an integrated pay later installment solution in partnership with Mastercard to markets like Thailand, Philippines, Vietnam, Singapore, and Indonesia.