Pine Labs raised a mammoth round 💪

Pine Labs raised a mammoth round 💪
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Multi-hundred million fundraisers don’t happen everyday.

Payment processor Pine Labs raised $600 million, at a valuation of $3 billion from a host of late stage, gold standard investors — including Fidelity, BlackRock, IIFL, Temasek, and others.

When digitization picked pace, India’s bulk payment processing market was light years behind, and Pine with a timely portfolio spanning POS terminals, digital wallets for merchants, integrated invoicing, online payments, combined with working capital loans, helped bring large merchants into the 21st century.

Today the business serves 150K merchants across India, processing nearly $30 billion annual payment volumes.

Bottomline — a check this size is a HUGE vote of confidence in the maturity of India’s payment market. And looking at how far modular payment giants like $SQ have gone in the west, $3B is a rookie number.