Fintech firm Pine Labs has raised USD 50 million (about Rs 380 crore) from London-headquartered international investment firm Vitruvian Partners. Pine Labs CEO B Amrish Rau said the company aims to further strengthen its foray into online payments with Buy Now Pay Later offering to new markets through strategic collaborations.
"We welcome Vitruvian Partners in this journey and thank them for the trust shown in us," Rau said. Vitruvian Partners, Partner, Peter Read said that the investment in Pine Labs follows several investments that it has made in the digital payments space.
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"We are excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market," Read said. Pine Labs is expanding its BNPL offering in Southeast Asia, it said in a statement.
In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to consumers looking to pay and save. Fave is currently available in Singapore, Malaysia and Indonesia with a planned rollout in India in the near term.
First Published: Mar 30, 2022 1:34 PM IST
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