Sequoia Capital-backed Pine Labs offers a cloud-based point-of-sale (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.
Pine Labs currently processes 450 million transactions worth over USD 15 billion on an annualized basis, Lokvir Kapoor, chief executive officer said. He also added that the fintech company has about 300,000 PoS in the market, bringing its share to almost 10%.
After a strong growth period in the Indian market, PineLabs plans to expand overseas and has entered Malaysia in December 2017.
The United Arab Emirates (UAE) is likely to be the next market where Pine Labs might start operations, followed by Saudi Arabia and Indonesia..
The company is also exploring entry into other South-East Asian countries such as the Philippines, Indonesia, Thailand and Vietnam, as well as Qatar in West Asia.
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