BENGALURU: Merchant payments startup Pine Labs has announced the closure of a $600 million fundraising round at a $3.5 billion valuation led by Fidelty Management, BlackRock and by the Ishana, Tree Line, a fund advised by Neuberger Berman Advisers.
Pine Labs is reportedly eyeing a listing on US stock exchanges by next year, joining the line of tech startups betting big on public markets for large capital raise. The firm’s valuation has seen a significant jump from its earlier fundraise during December last year when it was valued at over $2 billion.
The digital payments firm is in the league of startups that are EBITDA-positive and are bullish on acquisitions and new launches during the pandemic when the online transactions grew exponentially.