Pine Labs has obtained all required regulatory licences from the Reserve Bank of India (RBI) to operate as a payment aggregator across offline, online, and cross-border payments, reported The Economic Times.

The move follows updated guidelines released by the RBI in September, outlining requirements for payment aggregators seeking licences.

Pine Labs is reported to be the first firm to secure clearances in all three categories.

Founded in 1998, Pine Labs initially focused on providing offline payment processing for large merchants. The company expanded into digital payments with the launch of Pine Labs Online in 2020-2021.

Its fintech offering was further strengthened with the purchase of Setu, which is based in the Indian state of Karnataka, during the 2023 financial year, enabling it to broaden its payment services, including cross-border transactions.

Earlier this month, Pine Labs announced plans to raise up to $439m via an initial public offering (IPO) in Mumbai, India.

Pine Labs, headquartered in Noida, offers merchant payment solutions such as point-of-sale terminals and operates in several overseas markets, including Malaysia, the United Arab Emirates (UAE), and Singapore.

The company filings show that for the fiscal year ending March 2025, Pine Labs recorded a loss of Rs1.45bn on revenue of Rs22.74bn.

In March, Pine Labs entered into a partnership with Visa to roll out Visa Instalment Solutions (VIS) on its multi-issuer payment platform in Southeast Asia.

This collaboration allows merchants to offer instalment payment options for both domestic and international transactions, simplifying the process which previously required multiple issuers and payment terminals. 

The Visa Instalment Solutions has been initially made available on Pine Labs’ network of merchants in Singapore, Malaysia, and the Philippines.