Today, merchant commerce platform Pine Labs announced a $50 million investment from Vitruvian Partners, a London-headquartered international investment firm. Incorporated in Singapore, Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.
Pine Labs serves large, mid-sized and small merchants across India and Southeast Asia. Via a cloud-based software platform, it offers a 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 worldwide.
In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides an intelligent payment app. Fave is available in Singapore, Malaysia and Indonesia, with a planned roll-out in India in the near term.
“At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners, and large enterprises,” Pine Labs CEO B. Amrish Rau said. “We aim to strengthen our recent foray in online payments via Plural and take our buy now, pay later offering to new markets through strategic collaborations. We welcome Vitruvian Partners on this journey and thank them for the trust shown in us.”
“Our investment in Pine Labs follows several investments we have made into the digital payments space. We’re excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market. We were impressed by the versatility of the omnichannel payments platform and the expanding geographic footprint,” said Peter Read, partner at Vitruvian Partners.
Pine Labs is expanding its BNPL offering in Southeast Asia. Earlier this month, the company launched its “Mastercard Installments with Pine Labs” program with Mastercard and DBS Bank to provide its two million customers in Singapore, Indonesia, and Hong Kong SAR with Pay Later installment purchase options at the point of sale.
Vitruvian is a growth capital firm headquartered in London with additional offices in London, Stockholm, Munich, Luxembourg, Madrid, San Francisco, and Shanghai. The company focuses on information technology, financial services, life sciences and healthcare, media, and business and consumer services.
The firm is currently investing from its fourth fund, the €4.0 billion Vitruvian Investment Partnership IV, which is among the largest pools of capital in Europe, supporting innovative and higher growth companies. Its funds have backed more than 45 companies and have assets under management of approximately €10 billion. Notable investments to date include Just Eat, Farfetch, Darktrace, Trustpilot, Marqeta, TransferWise, Global-e and Skyscanner.
