Pine Labs buys Majority Stake in Mosambee

On Wednesday, Pine Labs, Digital payments and financial services provider informed that it has acquired a major stake in Mosambee. Mosambee is a leading payment solution provider. After the deal, the valuation of Mosambee has reached more than $100 million. Pine Labs is planning to soon go public in the US markets and has been raising capital lately. Recently, a few weeks back that Pine Lab had raised $50 million. 

This amount was raised by Vitruvian Partners. This fundraising took the valuation of Pine Labs at just over $5 billion. Other than this, Pine Labs in the month of February raised $150 million in its primary and secondary funding from Alpha Wave Global. After the deal, the Chief Executive Officer of Pine Labs, Amrish Rau said: “At Pine Labs, we continue to focus on deep technology and SaaS. Ever since its founding, Mosambee has made tremendous inroads into elevating the merchant experience through cutting-edge fintech solutions. They were a natural fit for us due to our shared purpose of making innovative fintech products accessible to all and driving forward the digital payment revolution in India" Last year, in a bid to expand and mark its presence in Malaysia, Singapore, and other Southeast Asian regions, Pine Labs acquired Singapore-based loyalty payments startup Fave.