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March 29, 2022

Digital payments firm PineLabs secures additional $50m funding

Indian payments solution provider Pine Labs has received a further infusion of $50m prior to its planned IPO in the US.

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The funding, which saw the participation of private equity firm Vitruvian Partners, valued Pine Labs at $5bn.

According to The Economic Times, the fundraising includes a $15m employee stock ownership programme (ESOP) buyback.

Last month, the firm raised $150m in a combination of primary and secondary funding from Alpha Wave Global. It also involved a secondary share sale component.

In January 2022, Pine Labs received $20m funding from the State Bank of India (SBI).

The same month, the payments firm filed for a confidential initial public offering (IPO) in New York. It aims to raise up to $500m through the IPO, Bloomberg reported.

“They (Pine Labs) are now aiming at a public offering in the second half of 2022,” a person familiar with the matter was quoted as saying by The Economic Times.

The digital payments firm has raised over a $1bn so far, as per Crunchbase, with Kotak Mahindra Bank, IIFL Asset Management, Invesco, among its backers. 

Pine Labs, established in 1998, allows businesses to accept online and offline digital retail transactions. Among its users are Starbucks, Apple and McDonald’s.

The firm offers financing and last-mile retail transaction technology. More than 1,50,000 merchants in 3700 cities and towns across India and Malaysia use its services.

Last year, the firm introduced its Buy Now Pay Later (BNPL) offering in Malaysia.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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