Pine Labs now has $907M in total funding. Here are the top-line bullets you need to know.
Pine Labs, a cloud-based point-of-sale (PoS) payments solutions provider, has raised $100M. The round drew participation from Invesco.
HOW’S THE COMPANY PERFORMING?
- India-based Pine Labs allows merchants to accept a number of payment methods, including credit and debit cards, e-wallets, and QR codes.
- The platform caters to over 140,000 merchants via nearly 350,000 point-of-sale terminals across more than 3,700 towns and cities in India and Malaysia.
- Some of Pine Labs’ customers are Shoppers Stop, Central, Bata, Pantaloons, Burger King, and Mainland China.
- The platform’s payment terminal has integration with financial partners like Axis Bank, SBI Card, IDBI Bank, and HDFC Bank, among others.
Source: Pine Labs
WHY DOES THE MARKET MATTER?
- The global digital payment market is projected to grow at a CAGR of 19.4% to reach a value of $236.1B by 2028, according to Grand View Research.
- The rise in e-commerce sales has led to an increase in digital transactions, boosting market growth. Moreover, increased investment by banks to enhance digital payment infrastructures and compete with major players like Google, Amazon, and Facebook has further contributed to this expansion.
- eWallets are witnessing increased “peer-to-peer” and “customer-to-business” payments due to the pandemic, and this trend is expected to continue.