The current fundraise comes just two months after the company had closed its $600 million fundraise, at a valuation of $3 billion, from a slew of public market investors
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Digital payments major, Pine Labs, which is eyeing a public listing in the US, has raised an additional $100 million as part of its new pre-IPO fundraise from US-based investment management company, Invesco Developing Markets Fund.
The current fundraise comes just two months after the company had closed its $600 million fundraise, at a valuation of $3 billion, from a slew of public market investors including Fidelity Management and Research Co., BlackRock; Ishana; Tree Line, a fund advised by Neuberger Berman Investment Advisers LLC, along with IIFL Asset Management Ltd.
The company is expected to lap on further funds as a part of this pre-IPO fundraise, this year, which could take its valuation up to $5 billion, said a person aware of the discussions.
“Over the last 18 months we have scaled our prepaid issuing stack, online payments, and also the buy now pay later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. We are very excited to have a marquee investor like Invesco join us in the journey," said B. Amrish Rau, chief executive officer, Pine Labs.
Rau had earlier told Mint that Pine Labs was looking to take its merchant-led payment solutions to West Asia, next year. This year the company expanded its presence in the Southeast Asian market market, through a partnership with card network major and investor Mastercard.
Pine Labs’ expansion plans in Asia included doubling down on emerging economies of Thailand, Philippines, Vietnam and Indonesia. Earlier in April, the company also acquired Singapore-based loyalty cashback startup Fave for $45 million, to double down on the Singapore and Malaysia markets.
Through the Fave acquisition, Pine Labs was also looking to launch the platform in India and enter the digital consumer payments business in the country. It also had plans of taking its BNPL platform to Singapore and Malaysia, through Fave.
“The Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading fintech services company in India that fits our strategy of seeking high quality companies that have durable long-term growth potential," said Justin Leverenz, chief investment officer of Developing Markets Equities at Invesco.
Pine Labs was powering close to 1 billion online transactions every month with this number expected to grow to almost 10 billion, in 12 months, Rau said earlier in May.
Over the next 24 months, Pine Labs looks to focus heavily on providing its merchants with online tools, helping them do commerce better in the offline world. It is expected to launch newer solutions for the offline merchants across segments of invoicing, billing, reconciliations and settlements.
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