Pine Labs raises $285 million from new crossover investors

Merchant commerce platform Pine Labs has raised $285 million in a new round of funding from public market crossover investors including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in this round.

According to the company, this was an oversubscribed round. In addition to primary proceeds, in this round, the company also enabled secondary transactions for its founder, employees and early shareholders.

Pine Labs has set up a strong base in merchant payments and now plans to scale in the online space as well, at the same time continue to power the credit and commerce needs of its offline merchant partners.

The company serves hundreds of thousands of merchants for payments through cards and UPI. In addition, their market leading PayLater product sees $3 billion in annualised EMI transactions. Through the acquisitions of QwikCilver and Fave, Pine Labs now also has an advantage in being the pre-paid issuing platform as well as the consumer loyalty product in this market.