State Bank of India invests USD 20 mln in Pine Labs

The IPO-bound startup had raised USD 700 million in funding in 2021. This includes the USD 100 million funding round led by US-based Invesco Developing Markets Fund.

The funding comes at a time when the fintech startup is expanding its Buy Now, Pay Later (BNPL) business across India and Southeast Asia. Pine Labs entered the consumer payment space with its April 2021 acquisition of Fave. It also has a presence in the gifting segment through its 2019 purchase of Qwikcilver.

The startup, which caters to large, mid-sized and small merchants across India and Southeast Asia, provides payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management.