Invesco Developing Markets Fund invests $100mn in Pine Labs

Merchant commerce platform Pine Labs on Thursday said US-based Invesco Developing Markets Fund has invested USD 100 million about Rs 735.8 crore in the company.Pine Labs is backed by marquee investors like Sequoia Capital, Temasek Holdings, Actis, PayPal, and Mastercard.Over the last 18 months we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later BNPL offering.

Merchant commerce platform Pine Labs on Thursday said US-based Invesco Developing Markets Fund has invested USD 100 million (about Rs 735.8 crore) in the company.

Pine Labs is backed by marquee investors like Sequoia Capital, Temasek Holdings, Actis, PayPal, and Mastercard.

''Over the last 18 months we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey,” Pine Labs Chief Executive Officer B Amrish Rau said.

In July, Pine Labs had announced funding from Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, and others - bringing the total round size to over USD 600 million (about Rs 4,456 crore). In May, Pine Labs had announced a USD 285 million funding from investors including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management.

While Pine Labs had not disclosed the valuation at that time, reports pegged it at about USD 3 billion.

''The Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading fintech services company in India that fits our strategy of seeking high-quality companies that have durable long-term growth potential,” Justin Leverenz, CIO of Developing Markets Equities at Invesco, said.

Pine Labs offers a range of in-store and doorstep payment solutions and BNPL (buy now pay later) offering at the point of sale.