Pine Labs scores $20 million investment from State Bank of India

Riding the BNPL wave, Mastercard-backed Indian merchant commerce platform Pine Labs has picked up a fresh $20 million investment from the country’s largest commercial bank, the State Bank of India (SBI).

The latest investment follows a $100 million capital injection from Invesco’s Developing Markets Fund in September, which itself came hot on the heels of a $600M raise in July.

Pine Labs currently offers payments terminals, invoicing tools and working capital to more than 150,000 merchants across Asia and the Middle East. The firm in January entered the booming buy now, pay later market with a new proposition in Malaysia, and in April acquired Southeast Asian equivalent Fave for $45 million.

B. Amrish Rau, CEO, Pine Labs, says: “In the last one year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.”