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Fintech company Pine Labs said on Friday that it has raised $150 million from Alpha Wave Global, bringing its total fundraise in the last seven months to around $870 million. The company declined to reveal the valuation at which it has raised the money.
However, an ET report said that the funding round was done at a valuation of more than $5 billion. The company said earlier that it plans to go for an IPO this year or early next year.
“Alpha Wave Venture has invested $150 million in Pine Labs. 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,” said Pine Labs CEO Amrish Rau.
This round of funding comes a month after the company had received a $20 million investment from State Bank of India. Pine Labs, which is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard among other leading global investors, competes with other fintech companies such as BharatPe, Mswipe, Paytm and Razorpay.
In July last year, Pine Labs had raised a round of $600 million from a marquee set of new investors at a $3 billion valuation and later followed it up with a $100-million fundraise from US-based Invesco Developing Markets Fund.
In addition to augmenting its merchant commerce offerings at the offline point-of-sale, Pine Labs is now looking to invest in scaling Plural, its newly launched brand of online payment products and emerge as an omnichannel partner of choice for merchants.
It is also expanding its Buy Now Pay Later (BNPL) business across India and Southeast Asia. The company has entered the consumer payment space with its April 2021 acquisition of Fave, a SE Asian consumer fintech platform, and has acquired a sizable presence in the Gift, Prepaid and Stored Value segment through its 2019 acquisition of Qwikcilver.
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