State Bank of India pumps $20 million into Pine Labs in latest fintech bet

State Bank of India (SBI) has invested $20 million in Pine Labs, said the leading merchant commerce platform on Tuesday, indicating India’s largest lender is betting on fintech as a way of future-proofing.

“We are thrilled to have the largest bank of India, State Bank of India, place their trust in us and welcome them in this journey where we are empowering merchants with seamless and secure payment experiences across offline and online platforms,” said B Amrish Rau, CEO, Pine Labs. 

In 2021, Pine Labs had raised a total round size of $600 million from a marquee set of new investors and