BENGALURU: Merchant commerce platform Pine Labs has picked a majority stake in Mosambee, an end-to-end payment solution provider. Mosambee is now valued at over $100 million.
The leadership team at Mosambee will continue to operate independently, Pine Labs said. This comes at a time when the Singapore incorporated merchant commerce platform is all set for its public listing in the US.
Amrish Rau, CEO, Pine Labs, said, “Mosambee has made tremendous inroads into elevating the merchant experience through cutting-edge fintech solutions."
Mosambee was a natural fit for Pine Labs due to its shared purpose of making innovative fintech products accessible to all.
In February this year, Mosambee had announced the acquisition of Benow, a digital payments and EMI technology platform.
Pine Labs is also scaling its Pay Later proposition to newer markets outside India and recently announced the ‘Mastercard Installments with Pine Labs’ programme.
Pine Labs has more than 2.5 lakh merchant relationships across over 6.75 lakh merchant network touchpoints in India and Southeast Asia. It also has a leading presence in the offline Pay Later segment in India.
In April 2021, Pine Labs acquired Fave, a consumer fintech platform. It is currently available in Singapore, Malaysia and Indonesia with a planned roll-out in India in the near term. Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.