Pine Labs, an India-headquartered digital payment technology provider backed by digital payment processor PayPal and payment services firm Mastercard, secured over $600m in funding today.
Financial services firm Kotak Mahindra Bank and investment and financial services group Fidelity supplied the cash together with asset manager IIFL AMC’s Late-Stage Tech Fund, Ishana, Tree Line, funds managed by BlackRock and a fund advised by Neuberger Berman Investment Advisers.
Founded in 1998, Pine Labs provides the technology infrastructure necessary for retailers of all sizes to process online and in-store payments.
The round comes after the company acquired online consumer payment and cashback platform developer Fave in a $45m deal in April this year.
Pine Labs was valued at $3bn when it closed a $285m round the following month backed by Baron Capital, Duro Capital, Marshall Wace, Moore Strategic Ventures, Ward Ferry Management, Temasek, Lone Pine Capital and Sunley House.
The May round consisted of primary and secondary investments and enabled an unspecified Pine Labs co-founder to sell stock along with employees and early investors. The latest funding was raised at the same valuation, according to Livemint.
The company had secured between $75m and $100m in a December 2020 round led by Lone Pine Capital, after payment services provider Mastercard provided an undisclosed amount of funding for the business in January the same year.
PayPal and Temasek had already invested $125m in the company in May 2018 at a reported valuation of $800m to $900m, following an $82m round led by Actis and backed by Altimeter Capital two months earlier.
Sequoia Capital had bought a majority stake in Pine Labs in 2009 and reportedly supplied about $20m of funding for the company as of 2015.