Pine Labs Raises $50 million
Pine Labs, a digital payment and financial service provider, has recently raised $50 million. Private equity company Vitruvian Partners based in London participated in this fundraising round. Vitruvian Partners has invested in companies like Byjus. The latest funding came at a valuation of $5 billion. According to the regulatory documents filed in Singapore, the company’s latest funding round also includes a $15 million employee stock ownership program (ESOP) buyback. About a month ago, Pine Labs raised $150 million from Alpha Wave Global, at the same $5 billion valuation. Pine Labs was founded in the year 1998 by Lokbir Kapoor. Currently, Pine Labs offers its services to 150,000 merchants, 3.5 lakh points of sales (PoS) terminals across 3,700 cities in India and Malaysia. Currently, Amrish Rau is leading the company. It provides its services to mid-sized and small merchants across Asia and the Middle East, including Apple, Starbucks Corp, McDonald's Corp, and more. Pine Lab is also planning to go public soon and it has already filed for a confidential initial public offering (IPO) in the United States in the month of January this year.