India-based merchant commerce platform Pine Labs has acquired a majority stake in payment solutions provider Mosambee for an undisclosed sum.
The deal values Mosambee at upwards of $100m.
Operated by Synergistic Financial Networks, Mosambee merchant solutions platform that serves offline and online merchants in India and six other countries.
The firm obtained India’s first certification for the tap and pay payments in 2020. This year, it acquired Benow, a digital payments and EMI technology platform operated by Cashless Technologies.
Mosambee co-founder Sameer Chugh said: “Mosambee today caters to a wide array of businesses, from SMEs to private and government entities to leading banking institutions in India.
“With extensive reach of Pine Labs and their portfolio companies, we aim to continue to deliver strong profitability and breakthrough solutions to our clients.”
The deal follows Pine Labs’ acquisition of Mumbai-based online payments startup Qfix Infocomm in February.
The firm, which secured a $20m investment from the State Bank of India this January, expanded into the consumer payments space last year with the takeover of Fave.
As of March 2022, Pine Labs has over 250,000 merchant partners across its more than 675,000 merchant network touchpoints in India and Southeast Asia.
The firm’s integrated PoS app ecosystem consists of more than 80 business utility apps that enable merchants to manage multiple aspects of their in-store operations.
Commenting on the deal, Pine Labs CEO Amrish Rau said: “Ever since its founding, Mosambee has made tremendous in roads into elevating the merchant experience through cutting-edge fintech solutions.
“They were a natural fit for us due to our shared purpose of making innovative fintech products accessible to all and driving forward the digital payment revolution in India. I look forward to great outcomes ahead and welcome Sameer and team to the Pine Labs family.”
This January, a report by Bloomberg said that Pine Labs filed for a for a confidential initial public offering (IPO) in New York.