Pine Labs, an India-based fintech provider backed by payment services firms Mastercard and PayPal, closed a $285m funding round today consisting of primary and secondary shares.
Baron Capital, Duro Capital, Marshall Wace, Moore Strategic Ventures, Ward Ferry Management, Temasek, Lone Pine Capital and Sunley House participated in the round, which also enabled Pine Labs’ founder, employees and early backers to sell stock.
Pine Labs did not offer a breakdown of the two concurrent transactions. The company is now valued at $3bn, according to TechCrunch.
Founded in 1998, Pine Labs has built technology for retailers to process digital payments and to digitise their operations. It has attracted more than 150,000 merchants across Asia and the Middle East to date.
The company, which recently launched a buy now, pay later offering in Malaysia, will use the funding to expand this product to additional markets across southeast Asia.
Pine Labs raised capital at a $2bn valuation in December 2020, collecting between $75m and $100m in a round led by Lone Pine Capital. That deal also included a secondary transaction.
Sequoia Capital acquired a majority stake in Pine Labs in 2009 and had supplied approximately $20m by early 2015.
Actis led an $82m round in March 2018, with participation from Altimeter Capital, before PayPal joined Temasek to supply $125m two months later. Mastercard injected an undisclosed sum in January 2020.
