Temasek, PayPal Pick Up Minority Stake in Pine Labs For $125 Million
Pine Labs, a digital retail payments platform, today said Singapore government’s sovereign fund Temasek Holdings and American payments firm PayPal Holdings Inc. have picked up a minority stake in the company for $125 million.
“We’re teaming up with Temasek and PayPal at a time when the Indian payments market is at an inflexion point,” Lokvir Kapoor, founder of Pine Labs, said in a press statement.
Sequoia India, which first invested in Pine Labs in 2009, remains its largest shareholder, the statement said.
This came just two months after Pine Labs raised $82 million from Actis Capital and new investor Altimeter Capital, valuing the company at just under $1 billion. The company did not specify the valuation at which the fresh funds were raised.
Pine Labs is looking to use Temasek’s network in many Asian markets to ramp up its regional presence. With the help of PayPal, it aims to build new services for merchants, banks and other communities in the payment ecosystem.
The domestic company offers cloud-based point-of-sale payment solution, allowing merchants to accept traditional electronic payment methods such as credit or debit cards, e-wallets, QR code or other UPI-based methods on a single platform.
Pine Labs, having around 300,000 payments acceptance points, said it aims to offer over $1 billion worth of instant loans at point-of-sale terminals for card issuers. It is also looking to partner non-bank financial companies this financial year.