Pine Labs CFO Marc Mathenz steps down ahead of $1 billion IPO listing

Group CFO Marc Mathenz has cited personal reasons for leaving Pine Labs as the company prepares to file its DRHP for an IPO expected to raise $1 billion later this year

Marc Mathenz, Group Chief Financial Officer of Pine Labs, is set to leave the company in the coming weeks, Moneycontrol reported.

 

His resignation comes at a critical juncture, as the fintech firm prepares to file its draft red herring prospectus (DRHP) ahead of a planned initial public offering (IPO) later this year.

 

Based in Singapore, Mathenz has cited personal reasons for his departure, the report noted. He joined Pine Labs in 2021 and has since overseen group-level finance operations, playing a pivotal role in the company’s expansion across the Asia-Pacific region.

 

Mathenz had succeeded Sameer Maheshwary, who served as CFO for over six years before transitioning to a new role within the company. Maheshwary currently serves as Senior Vice President of Capital Markets, where he has led Pine Labs’ capital-raising initiatives. According to a source cited by Moneycontrol, he has “pretty much led all of the IPO work”.

 

There is no official announcement yet on Mathenz’s successor.

 

Fintech targets $1 billion IPO in late 2025 

Pine Labs aims to go public on Indian stock exchanges in the second half of 2025, with plans to raise around $1 billion through a mix of fresh capital and secondary share sales, Reuters reported earlier this year.

 

Backed by Peak XV Partners, Pine Labs provides integrated payment solutions, including point-of-sale systems for merchants. It operates in the same sector as fintech heavyweights Paytm and PhonePe.

 

If successful, the listing would be the second-largest fintech IPO in India, following Paytm’s $2.5 billion offering in 2021. 

 

Backers and valuation details 

Pine Labs was last valued at $5 billion after a 2022 funding round. Major investors include PayPal, Mastercard, and Singapore’s Temasek.

 

Chief Executive Officer Amrish Rau told Reuters that the company is broadening its revenue streams by developing technology solutions for banks, corporates, and other fintech firms.