Pine Labs, an India-based merchant commerce platform, has received a significant investment from multinational financial services giant Mastercard. According to Pine Labs and Mastercard, the investment is part of a partnership to continue the rapid growth of convenient electronic payment options for consumers across the region.
Founded in 1998, Pine Labs notably offers a merchant platform that includes technology and financial solutions for merchants to help them in increasing their revenue, reducing the cost and complexity of running a business, and managing the risks involved. The company also reported that it connects financial institutions and consumer brands to empower merchants to deliver value to their retail customers.
“Pine Labs and its technology platform power offline and online last-mile retail transactions, provide customer insights to merchants for targeted sales and offer risk-managed financial solutions for merchants’ business growth. Today, over 1,00,000 merchants in India and several other Asian countries, use Pine Labs’ platform and solutions to run accessible, affordable, speedy and risk-managed last-mile retail operations.”
Speaking about the investment and partnership with Mastercard, Lokvir Kapoor, Founder and Chairman of Pine Labs, added:
“This relationship is a great validation of the top-quality products that Pine Labs delivers to merchants. Together, we have a unique opportunity to use Mastercard’s global presence and technology infrastructure to enhance our growth and enable us to meet the growing needs of customers in India and beyond.”
The total amount of Mastercard’s investment and the entire deal has not been disclosed at this time.