Pine Labs Completes A First Close Of $285M Funding From New Cross-Over Investors
05/21/21, 1:05 PM
Pine Labs, one of Asia’s leading merchant commerce platforms, today announced that it has completed a new round of financing from well-regarded public market cross-over investors including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in this funding round. In this significantly oversubscribed round, in addition to primary proceeds, Pine Labs enabled secondary transactions for its founder, employees and early shareholders as it is already a well-financed company with a strong balance sheet and has been EBITDA profitable for several years.
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The startup says it processes tens of billions of payment transactions. Over 6 million consumers across over 40,000 merchant establishments now have access to the Fave app, the startup said. Pine Labs said on Tuesday it has closed a $600 million financing round as the Asian merchant commerce platform sets the goal to explore the public markets within two years. “Through its acquisitions of QwikCilver and Fave, Pine Labs now has the market leading pre-paid platform in this region as well as the top consumer loyalty product in this market.