Pine Labs, a Noida-based fin-tech startup which deploys point-of-sale (POS) terminals, has announced that it has secured $125 million in its new funding round from Temasek, a global investment company headquartered in Singapore and PayPal, the largest Us-based digital payments company.
With this transaction, both companies — Paypal and Temasek have acquired minority stakes in Pine Labs. Pine Labs plans to use the deep network of Temasek in multiple Asian geographies to scale up operations in the south east Asian region and further with the technological capabilities of PayPal, the company is looking to strengthen its tech play as well.
The company is also expanding its product suite by building new layers of services for merchants, banks and other communities in the payment ecosystem, PayPal’s global presence and strong product expertise will make the ally with Pine Labs invaluable.
Speaking on the fresh funding, Lokvir Kapoor, founder of Pine Labs, said,
We’re teaming up with Temasek and PayPal at a time when the Indian payments market is at an inflexion point. The investments will help us move a step closer to our vision for building a world-class merchant-centric payments ecosystem.
Pine Labs was founded in 1998 by Rajul Garg, and Tarun Upaday. The company offers a cloud-based PoS payments solutions, allowing merchants to accept credit or debit card payments, as well as latest methods such as e-wallets, QR code payment solutions and unified payments interface (UPI)-based solutions.