State Bank of India (SBI) has injected $20 million in Pine Labs, said the leading merchant commerce platform on Tuesday.
“We are thrilled to have the largest bank of India, State Bank of India, place their trust in us and welcome them in this journey where we are empowering merchants with seamless and secure payment experiences across offline and online platforms,” said B Amrish Rau, CEO, Pine Labs.
In 2021, the Indian merchant platform company had pulled in funds worth $600 million at a valuation of $3 billion led by Fidelity, Blackrock and other investors, followed by a $100-million fundraise from US-based Invesco Developing Markets Fund.
Besides expanding its merchant commerce offerings at the offline point-of-sale, Pine Labs is now aiming to expand its latest launched brand of online payment products– Plural, to become an omnichannel partner of choice for merchants.
Also Read | Pine Labs announces former Flipkart executive Phanimohan Kalagara as its new CTO
“In the last one year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services to SBI.”
Pine Labs, whose investors include Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard among others, have fintech companies like BharatPe, Mswipe, Paytm and Razorpay as its competitors.
Pine Labs is also aiming to proliferate the Buy Now Pay Later (BNPL) business across India and Southeast Asia. The company stepped into the space of consumer payment business with its acquisition of Fave in April 2021. Fave is one of Southeast Asia’s leading consumer fintech platforms with a major presence in the Gift, Prepaid and Stored Value segment via its 2019 acquisition of Qwikcilver.
The fintech firm is planning to make its public debut on Indian bourses this year, and SBI has joined the Investors list ahead of that.