IPO-linked Pine Labs receives $ 100 million from Invesco Developing Markets Fund

The Pine Labs trading platform is on a fundraising drive ahead of its US listing. After $ 600 million, the company raised $ 100 million from the Invesco Developing Markets Fund.

The new funding came at a time when Pine Labs’ Singapore holding company was converted to a public company and renamed Pine Labs Limited. This suggests that preparations for the company’s IPO are well underway. The company has allegedly appointed Morgan Stanley and Goldman Sachs as advisors on their US IPO next year, which could value the company at around $ 6 billion.

“In the last 18 months we have scaled our prepaid issuing stack, online payments and also the“ Buy now, pay later ”(BNPL) offer. In the larger Asian markets, we are making further progress with our BNPL platform. We are very excited to have a marquee investor like Invesco on our journey, ”said B. Amrish Rau, CEO of Pine Labs.

Pine Labs did not announce the valuation in the new funding round, but was valued at $ 3 billion in July when it launched a $ 600 million round led by Fidelity Management & Research Co. and BlackRock Inc.

Pine Labs’ former and major backer Sequoia Capital has generated blockbuster returns through partial exits through secondary businesses. It had made $ 455 million over the past few years, including $ 225 million to $ 230 million in the past 10 months.

Trickypedia had exclusively decrypted the most recent second contract in August.

Prior to this round, Sequoia remained the company’s largest shareholder with a 25.7% stake, while its founder and chairman Lokvir Kapoor was the largest non-institutional shareholder with 5.05%.

In addition to the Point of Sales (PoS) business, the company offers merchants Buy Now Pay Later (BNPL), invoice management, gift solutions and e-commerce enablement solutions. In April, the company acquired Malaysia-based payments Platform favorite to enter the E-Commerce Enablement and Consumer Payments segments.

Pine Labs would be the fourth fintech company to come closer to listing after Paytm, Policybazaar and Mobikwik. The company, led by Vijay Shekhar Sharma, is aiming for one of the largest IPOs with a valuation of 25 to 30 billion US dollars.