Fidelity Management and BlackRock Inc are the lead investors in Pine Labs’ latest funding round in which the fintech unicorn raised US$600m.
Also part of this round are corporations such as Ishana, Tree Line, IIFL AMC’s ‘Late-Stage Tech Fund’, and Kotak. A fund represented by Neuberger Berman Investment Advisers LLC also participated.
Though the round is completed, the entire deal is currently awaiting the approval of India’s Security and Exchange Board.
Pine Labs offers its clients financing, merchant commerce, and point-of-sale (POS) devices, among many others. Its services are currently available in the Middle East, across Southeast Asia, and in India.
Regarding the latest funding, Amrish Rau, CEO of Pine Labs said, “We are excited to bring on board a marquee set of new investors in this round and appreciate the confidence they have placed on the Pine Labs business model and our growth momentum.”
With a valuation of US$3bn, Pine Labs already has the backing of big players, including PayPal, Mastercard, Temasek Holding, Sequoia Capital, and Actis.
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