Pine Labs, a fintech startup, announced on Thursday that it had acquired $100 million in funding from Invesco Developing Markets Fund, a US-based investment management firm.
The latest round of funding comes months after Fidelity Management & Research Company, BlackRock Inc, a fund advised by Neuberger Berman Investment Advisers LLC, Ishana, Tree Line, IIFL AMC via its ‘Late-Stage Tech Fund,’ and Kotak raised $600 million from a number of notable investors, including Fidelity Management & Research Company, BlackRock Inc, a fund advised by Neuberger Berman Investment Advisers LLC, Ishana, Tree.
“Over the last 18 months, we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform,” said B. Amrish Rau, CEO of Pine Labs, in a press statement.
Over the last year, there has been some fascinating consolidation in the Indian fintech market. Paytm and MobiKwik, for example, have already started the process of listing on the stock exchanges, and it is widely assumed that more would follow.
