US-based Invesco Fund invests $100 mn in Sequioa-backed Pine Labs

Pine Labs, one of Asia’s leading merchant commerce platforms, has received a new investment round in the company with the entry of Invesco Developing Markets Fund, a US-based investment management company, which has invested $100 million in it.

Earlier in July, the company had raised a total round size of $600 million and brought in a marquee set of new investors, which took its valuation to $3 billion. Pine Labs is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors.

“Over the last 18 months we have scaled our prepaid issuing stack, online payments, and also the buy now pay later (BNPL) offering,” said B Amrish Rau, CEO, Pine Labs. “We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey.”

Justin Leverenz, CIO of Developing Markets Equities at Invesco said Invesco Developing Markets Fund said the investment in Pine Labs fits the organisations’ strategy of seeking high-quality companies that have durable long-term growth potential.

Pine Labs offers a range of in-store and doorstep payment solutions and BNPL offering at the point of sale. The company recently beefed-up investment on the consumer side of the business with the acquisition of Southeast Asia’s leading consumer fintech platform Fave in April 2021 and has a leading presence in the Prepaid and Stored Value space through its 2019 acquisition of Qwikcilver.

Pine Labs competes with players like BharatPe, Paytm and Mswipe has rapidly transformed from a single product company allowing retail acceptance of payments to a broader payments platform. The company now serves hundreds of thousands of merchants across payments acceptance on cards and unified payments interface, processing tens of billions of payments.