Indian Fintech Pine Labs Acquires $100M from Invesco Developing Markets Fund

Pine Labs, which is one of Asia’s leading merchant commerce platforms, revealed earlier this week that it has finalized a new investment round in the company “with the entry” of Invesco, a US-headquartered investment management firm.

Invesco Developing Markets Fund has reportedly invested $100 million in Pine Labs.

As covered in July 2021, Pine Labs had announced a total round size of $600 million and “brought in a marquee set of new investors.” Pine Labs is backed by prominent investors including Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard among others.

B. Amrish Rau, CEO at Pine Labs, stated:

“Over the last 18 months we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey.”

Justin Leverenz, CIO of Developing Markets Equities at Invesco, remarked:

“The Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading fintech services company in India that fits our strategy of seeking high quality companies that have durable long-term growth potential.”

Pine Labs provides a fairly wide range of in-store and doorstep payment services as well as a Buy Now, Pay Late or BNPL offering at the point of sale. The Fintech firm recently “beefed-up investment on the consumer side of the business with the acquisition of Southeast Asia’s leading consumer fintech platform Fave in April 2021 and has a leading presence in the Prepaid and Stored Value space through its 2019 acquisition of Qwikcilver.”

As previously report, Pine Labs is one the most established merchant commerce platforms in Asia. It mainly serves large, mid-sized and small merchants across Asia and the Middle East region. The firm’s unique Cloud-enabled platform allows it to provide “a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management.”

Its stored value platform includes issuing, processing, and distributing digital gift cards “for corporate customers around the world.” In April of this year, Pine Labs acquired Fave, a consumer fintech platform that offers a smart payment app “to the smart generation of consumers looking to pay and save.”

Fave is presently operational in 35 cities across Malaysia, Singapore, Indonesia, and India.

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