By Manish Singh
Pine Labs said on Tuesday it has closed a $600 million financing round as the Asian merchant commerce platform sets the goal to explore the public markets within two years.
Fidelity Management & Research Company, BlackRock, Ishana, as well as a fund advised by Neuberger Berman Investment Advisers, and IIFL and Kotak invested in the round, which values the startup at $3 billion. Pine Labs unveiled the new round, a name of which it hasn’t disclosed, earlier this year.
Pine Labs, which counts Sequoia Capital India, Temasek, PayPal and Mastercard among its early backers, offers hundreds of thousands of merchants payments terminals, invoicing tools and working capital.
Its payments terminal — also known as point-of-sale machines — are connected to the cloud, and offer a range of additional services such as working capital — to the merchants. Pine Labs’s payments terminal has integration with over two dozen banks and financial and technology partners.
This differentiates Pine Labs from the competition, whose terminals typically have integration with just one bank. Each time a rival firm strikes a new partnership with a bank, they need to deploy new machines into the market. This makes the whole deployment expensive for both the fintech and the bank. …read more
Source: Tech Crunch