Home / Business / Trader platform Pine Labs raises $ 3 billion in new funding – TechCrunch

Trader platform Pine Labs raises $ 3 billion in new funding – TechCrunch

Pine Labs, a startup that provides merchant payment machines, invoicing tools and working capital, said Monday it had completed its first $ 285 million in funding as the nearly two-decade-old company wants to expand the deal. Propose and build and scale. Online payment gateway

Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management are the new round of financing, while former investors Temasek, Lone Pine Capital and Sunley House Capital have also joined.

The new round of Pine Labs is valued at $ 3 billion, up from about $ 2 billion in the previous December and $ 1 billion in early 2020.Pine Labs also operates in several Southeast Asian markets.

Pine Labs Chief Executive Amrish Rau told TechCrunch in an interview that the new financing round allows secondary transactions for founders, employees and early investors, including Sequoia Capital. Extended with

“We are excited to welcome marquee investors such as Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital and Moore Strategic Ventures onto the historic tables of Pine Labs. This is an exciting time of our journey. As we enter new markets, ”Rau said in a statement.

The startup, which marks PayPal as one of its investors, serves more than 1

40,000 merchants, payment terminals, also known as point-of-sale terminals, connect to the cloud and offer additional services such as working capital. To merchants

Pine Labs payment terminal integrates with more than two dozen banks and financial and technology partners. This differentiates Pine Labs from the competition, where terminals are typically integrated into just one bank.Every time a competitor cooperates with a new bank, they need to install a new machine into it. To market This makes all deployments expensive for both fintechs and banks. (This is why you will often see restaurants with multiple terminals at checkout.)

Rau said Pine Labs, equipped with about 600,000 payment terminals, was able to consolidate broad integration with the banking ecosystem due to years of ties and expertise.

Pine Labs uses a linked bank-based debit card analytics app to determine the extent of credit to be given to all cardholders. Pine Labs then converts bulk payments into EMI (monthly installments equal to Using the Pine Pay Later app in the middle of last year’s outbreak, startups are bringing over 10,000 new businesses to the platform each month.

Pine Labs is the market leader in many categories. The startup, which acquired Qwikcilver in 2019, had more than 95% of the market share in gift cards in the financial year ending March 2020.Point-of-sale machines are the most widely used machines in the industry.

FinTechs expand into new segments to increase engagement, live market, and drive revenue generation (Photo: Credit Suisse; Information: Credit Suisse Company)

“We are very excited to be part of the technological transformation that Pine Labs is driving based on payments and interconnectivity and the wide range of efficiencies that can be built with the rapid delivery of financial services. And it provides consumers with access to a variety of financial products, such as as BNPL (Buy Now Pay Later), which is driving pioneering efforts on behalf of the financial system. We are also excited that Indian businesses are able to drive regional and global adoption of intellectual property, and this represents an important option for the future, ”said Amit Rajpal, Marshall’s CEO and portfolio manager. Wace Asia said in a statement.

Rau said the startup will use new funding to build and expand online payment gateways and engage hospitals, pharmacies, governments and other entities as first customers. The startup also plans to make offers of Fave, a Southeast Asian startup acquired last month, which are made available to traders in India.

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