Pine Labs has secured $150 million in a pre-IPO round from Alpha Wave Venture. In 2021, the firm had raised over $600 million across multiple rounds separately led by investors such as Fidelity, Invesco, SBI and more.
While the current valuation of the fintech company is unknown, it was last valued at over $3 billion dollars. According to regulatory filings filed by the startup in Singapore, which was seen by Dealstreet Asia, it has already received the first tranche of $75 million from Alpha Wave.
Confirming the fundraise to CNBC-TV18, CEO Amrish Rao said “We are happy to bring a marquee investor on board. Our Omni-channel strategy is showing strong revenue growth. We are also seeing strong growth in international markets.”
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This development comes after the digital payments and financial service provider acquired online payments startup -- Qfix Infocomm, to add more thrust to its foray into online payments in order to diversify ahead of its US IPO later this year. It is also reportedly in talks with fintech infrastructure company Setu for acquisition.
According to a Bloomberg report, Pine Labs has confidentially filed its IPO papers with US Securities and Exchange Commission, seeking to raise $500 million at a valuation of about $5.5 billion to $7 billion.
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