Fintech Startup Pine Labs To Seek $500 Million in U.S. IPO

Bloomberg2022-01-10

(Bloomberg) -- Pine Labs Pvt, an Asian digital payments provider backed by Sequoia India and Mastercard Inc., is moving ahead with preparations for a U.S. listing and seeks to raise about $500 million...

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Stchua
2022-01-10
Stchua
[Smile]
DingDang
2022-01-10
DingDang
Buy!
fongms
2022-01-10
fongms
Its 👍

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The company said it was targeting a public offering within 18 months and has been operationally profitable for several years -- a rarity among the new crop of Indian fintechs.The startup, which offers solutions for in-store and online payments as well as prepaid, loyalty and “pay later” programs, is valued at $3 billion, Rau said at the time.The deal was followed by an additional $100 million in funding from Invesco Developing Markets Fund. It also counts Temasek Holdings Pte, PayPal Holdings Inc. and Actis Capital among its other investors. India’s largest commercial bank, the State Bank of India, invested $20 million in the startup earlier this month.Pine Labs serves over 150,000 merchants in India, the Middle East and Southeast Asia. The company has expanded both organically and via acquisitions including consumer fintech platform Fave last year. 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