Pine Labs, an Indian merchant fintech platform based in Gurugram, announced that it has raised an investment from Mastercard. The amount raised remains undisclosed. As per the company’s press statement the investment is part of a partnership to keep the growth of different electronic payment options for consumers continue across the region.
Lokvir Kapoor, Founder and Chairman of Pine Labs, said: “This relationship is a great validation of the top-quality products that Pine Labs delivers to merchants. Together, we have a unique opportunity to use Mastercard’s global presence and technology infrastructure to enhance our growth and enable us to meet the growing needs of customers in India and beyond,” as per a press statement shared by the company.
Post this investment, the companies will offer a suit of value-added services that includes Pine Labs’ end-to-end stored value solutions which will replace the paper ones, that is still widely used by companies, retailers, and people in South Asia and many other markets.
Currently, Pine Labs’ offerings are spread in India, Southeast Asia, and the Middle East. At present, the company processes payments of $30 billion every year, and serves nearly 140,000 merchants across 450,000 network points.
Ari Sarker, co-president for Asia Pacific at Mastercard, said: “Smart devices are transforming how people shop. With this partnership, we’re continuing to build innovative solutions and provide people with new ways to pay right at their fingertips. By joining forces with Pine Labs, we are reinforcing our strategy to deliver choice to consumers and to be the partner of choice for our customers in South Asia and around the world.”
Pine Labs was founded in 1998. The company evolved from a petroleum automation retail solutions player to becoming a payments products and services firm for merchants. The company ventured into mainstream payments and financial offerings for merchants in 2004.
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