State Bank of India invested in Pine Labs amounting to $20 million
India’s largest lender, the State Bank of India NSE 0.98 %, has invested $20 million in Pine Labs. . Pine Labs, best known for its offline merchant payments tool and is also looking to list in the United States in the first half of 2022, ET reported last month.
"In the past year, several marquee investors have placed their trust in our business model and growth momentum, and that is a gratifying feeling,” Pine Labs CEO Amrish Rau said .
“This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.” In a statement, Pine Labs said it would invest in scaling its new product Plural, a payments gateway.
“We are thrilled to have the largest bank of India, the State Bank of India, place their trust in us and welcome them in this journey where we are empowering merchants with seamless and secure payment experiences across offline and online platforms. In the last 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," B. Amrish Rau, CEO of Pine Labs said.
In 2021, Pine Labs raised a total of $600 million from US-based asset management firm Fidelity, Blackrock and others.