Startup FinTechsaid on Thursday that he raised $ 100 million in funding from US-based investment management firm Invesco Developing Markets Fund.
The latest funding comes months after the startup raised $ 600 million from high profile investors, including Fidelity Management & Research Company, BlackRock Inc, a fund advised by Neuberger Berman Investment Advisers LLC, Ishana, Tree Line, IIFL AMC via its “Late-Stage Tech Fund” and Kotak.
“Over the past 18 months, we’ve expanded our prepaid program stack, online payments, and our Buy Now Pay Later (BNPL) offering. We continue to make progress in major Asian markets with our BNPL platform, ”said B. Amrish Rau, CEO of Pine Labs, in a press release.
B. Amrish Rau, CEO, Pine Labs
The merchant trading platform builds capital and raises more investors with a initial public offering (IPO) in his sights. He named Wall Street banks including Morgan Stanley and Goldman Sachs, as advisers for its initial public offering in the United States next year, Economic times reported.
IPO could value Pine Labs at $ 6 billion, nearly double the price of $ 3.5 billion he drew in July when he raised $ 600 million, the report added.
“Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading fintech services company in India, which matches our strategy of finding high-quality companies with the potential for long-term sustainable growth.” Justin Leverenz, CIO of Developing Markets Equities at Invesco, said in the press release.
Indian fintech space sees interesting things consolidation over the past year. Behemoths such as capital markets listing process, and others are generally expected to join the line.and have already started the
In August, Prosus belonging to Naspers digital payment processor purchased PayU Business.for $ 4.7 billion to strengthen its
Pine Labs – which provides a range of financial services – including point-of-sale devices, merchant commerce and finance, in April acquired the pay-and-save app. Favorites for $ 45 million. The app has over six million users and over 40,000 merchants.