Initial public offering (IPO) bound payment solutions provider Pine Labs has raised $150 million in a fresh round of funding from Alpha Wave Ventures.
It is reported that the said transaction could have valued the financial technology unicorn at around $5 billion. Before moving to its present business strategy, Pine Labs concentrated on large-scale smart card-based payments and loyalty solutions for Indian metro enterprises.
Amrish Rau, CEO at Pine Labs, said, “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.”
Earlier this month, Pine Labs was in advanced negotiations to acquire API infrastructure company Setu. In April last year, Pine Labs acquired Southeast Asia-based fintech platform Fave for $45 million.
Last year, Pine Labs raised a total of $600 million from US-based asset management firm Fidelity, Blackrock and others, followed by a $100 million fundraise from US-based Invesco Developing Markets Fund.
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