Pine Labs, a Noida-based merchant trading platform, announced Monday that it had raised an undisclosed amount of funding from Stephen Mandel's hedge fund Lone Pine Capital. With this funding, the value of startup has reached more than $2 billion.
Earlier in January 2020, the startup reached unicorn status following an investment by MasterCard, making it the first startup this year to join the $1 billion valuation club. As part of another project, Pine Labs launched a combined QR-based static payment solution for their merchants in January 2020, the paper POS. POS paper is a low cost, easy to implement and provides secure payment transactions. This helps merchants de-clutter the billing counter and eliminate long line-ups.
Earlier in December, Pine Labs and Mastercard jointly announced that they would extend their integrated “pay later” solution to five Southeast Asian markets early next year. Pine Labs has investors such as Sequoia Capital, Temasek, Mastercard, PayPal and Actis Capital.
Currently, Pine Labs serves over 150,000 retailers in 3,700 cities across Asia and the Middle East. B. Amrish Rau, CEO, Pine Labs said “Small businesses and consumers are fast adopting to digital commerce and contactless checkout." Adding further he said, "We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this."