Pine Labs Secures $100 Million Investment for Further Growth from Invesco

Indian fintech Pine Labs, after closing a $600 million funding round in July, has secured a new round of fundraising, totaling $100 million in capital from US firm Invesco Developing Markets Fund.

Invesco joins a wealth of other investors in the fintech, including Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard, among others.

Pine Labs provides a cloud-based commerce platform offering payment acceptance and merchant commerce solutions, including enterprise automation systems such as inventory management and customer relationship management.

The company, which claims to serve more than 150,000 merchants, has also been scaling its buy now, pay later (BNPL) offering as the market for split payment plans continues to boom.

"Over the last 18 months, we have scaled our prepaid issuing stack, online payments, and also the buy now, pay later (BNPL) offering," says CEO B. Amrish Rau.

"We continue to make progress in the larger Asian markets with our BNPL platform."

Fazzaco reported that in early 2021, Pine Labs has hired Tany Naik ​as head of omnichannel.