Indian merchant commerce platform Pine Labs announced Wednesday a new investment of $50 million from Vitruvian Partners, a London-headquartered international investment firm.

“At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises. We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later offering to new markets through strategic collaborations. We welcome Vitruvian Partners in this journey and thank them for the trust shown in us,” Pine Labs Chief Executive Officer B. Amrish Rau said in a statement.

Pine Labs is expanding its BNPL offering in Southeast Asia. Earlier this month, the company had launched “Mastercard Installments with Pine Labs” program with Mastercard and DBS Bank to empower the bank’s two million customers in Singapore, Indonesia, and Hong Kong SAR with Pay Later installment purchase options at the point of sale.

As a merchant commerce platform, Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia. The company’s cloud-based software platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world.

In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently available in Singapore, Malaysia and Indonesia with a planned roll-out in India in the near term. Incorporated in Singapore, Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.

“Our investment in Pine Labs follows several investments we have made into the digital payments space, and we’re excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market. We were impressed by the versatility of the omnichannel payments platform, as well as the expanding geographic footprint.” said Peter Read, Partner at Vitruvian Partners.

Vitruvian is an independent growth capital firm headquartered in London with offices across London, Stockholm, Munich, Luxembourg, Madrid, San Francisco, and Shanghai. It focuses on dynamic situations characterized by rapid growth and change across industries spanning information technology, financial services, life sciences & healthcare, media, and business and consumer services.

The investment firm is currently investing from its fourth fund, the €4 billion ($4.45 billion) Vitruvian Investment Partnership IV, which is among the largest pools of capital in Europe supporting innovative and higher growth companies. Vitruvian Funds have backed over 45 companies and have assets under management of approximately €10 billion ($11.13 billion). Notable investments to date include global market leaders and innovators in their field such as Just Eat, Farfetch, Darktrace, Trustpilot, Marqeta, TransferWise, Global-e and Skyscanner.

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