Pine Labs, an India-based payment solution provider, has secured a $20m investment from the State Bank of India (SBI).

The firm, which is gearing up for a US stock market debut, secured $100m backing from the US-based Invesco Developing Markets Fund in September this year. It followed a $600m fundraising round joined by a marquee set of new investors in early 2021.

Pine Labs plans to leverage the fresh capital to bolster its newly launched brand of online payment products, Plural. It will also help the firm position itself as an ‘omnichannel partner of choice for partners’.

Commenting on the latest investment, Pine Labs CEO Amrish Rau said: “We are thrilled to have the largest bank of India, the State Bank of India place their trust in us and welcome them in this journey where we are empowering merchants with seamless and secure payment experiences across offline and online platforms.

“In the last one year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.”

Pine Labs launched its Buy Now Pay Later (BNPL) offering in Malaysia in March 2021. The firm is currently looking to expand its BNPL business across India and Southeast Asia.

In April 2021, the firm forayed into the consumer payment space with the acquisition of Singapore-based consumer fintech platform Fave.

In 2019, Pine Labs acquired Qwikcilver expanding its presence to the Gift, Prepaid and Stored Value segment.