India-based merchant commerce platform Pine Labs announced Wednesday that it has made a significant majority investment into Mosambee, a end-to-end payment solution provider in India.

This investment will now value Mosambee at upwards of $100 million, Pine Labs said in a statement.

“At Pine Labs, we continue to focus on deep technology and software as a service (SaaS). Ever since its founding, Mosambee has made tremendous in roads into elevating the merchant experience through cutting-edge fintech solutions. They were a natural fit for us due to our shared purpose of making innovative fintech products accessible to all and driving forward the digital payment revolution in India. I look forward to great outcomes ahead and welcome Sameer and team to the Pine Labs family,” said Amrish Rau, Chief Executive Officer of Pine Labs.

According to the statement, the leadership team at Mosambee will continue to operate independently and use its proprietary tech platform that has served well to the needs of their clients across diverse industry verticals.

“We have long admired Pine Labs as an invaluable contributor to the Digital India vision and everyone at Mosambee is thrilled with their investment in us. In fact, Pine Labs was our first partner when we launched our platform. Mosambee today caters to a wide array of businesses, from small and medium-sized enterprises (SMEs) to private and government entities to leading banking institutions in India. With extensive reach of Pine Labs and their portfolio companies, we aim to continue to deliver strong profitability and breakthrough solutions to our clients,” said Sameer Chugh, Co-Founder of Mosambee.

Mosambee which aims to revolutionize the existing merchant ecosystem by resolving multiple pain points and innovative solutions, offers a curated merchant solutions platform catering to offline and online merchants in India and six other countries. Besides corporate clients, a huge base of almost one million+ SME merchants and various government departments currently use Mosambee’s solutions to digitize their payment collections.

In 2020, Mosambee received India’s first certification for the tap and pay payment. In February 2022, Mosambee had announced the acquisition of Benow, a digital payments and EMI technology platform.

Meanwhile, Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia. Its 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. Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.

As of March 2022, Pine Labs has more than 250,000 merchant relationships across over 675,000 merchant network touchpoints in India and Southeast Asia. With more than 25 issuers on its platform at present, it has a market leading presence in the offline pay later segment in India.

Pine Labs is also scaling its pay later proposition to newer markets outside India and recently announced the “Mastercard Installments with Pine Labs” program in association with Mastercard and DBS Bank to enable interest-free installment purchase options to the two million DBS Bank cardholders in Singapore, Indonesia, and Hong Kong.

Pine Labs said its ability to distribute commerce products at scale, its continuous focus on improving the payment checkout experience, and emergence as the “omnichannel partner of choice” for merchants is set to benefit the young and dynamic team at Mosambee.

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