Pine Labs takes majority stake in payments solutions platform Mosambee

New Delhi, April 13 (IANS) Service provider commerce platform Pine Labs on Wednesday mentioned it has made a major majority funding in end-to-end fee answer supplier Mosambee in India, because it expands Purchase Now Pay Later (BNPL) providing in Southeast Asia.

With this funding, Mosambee is now valued at greater than $100 million.

Mosambee affords a curated service provider options platform, catering to offline and on-line retailers in India and 6 different nations.

“They had been a pure match for us as a consequence of our shared function of constructing progressive fintech merchandise accessible to all and driving ahead the digital fee revolution in India,” mentioned Amrish Rau, CEO, Pine Labs.

The management staff at Mosambee will proceed to function independently.

“With the intensive attain of Pine Labs and their portfolio corporations, we purpose to proceed to ship sturdy profitability and breakthrough options to our shoppers,” mentioned Sameer Chugh, Co-founder of Mosambee.

In February, Mosambee acquired Benow, a digital funds and purchase now pay later (BNPL)-focused startup.

Then again, Pine Labs has greater than 250,000 service provider relationships throughout over 675,000 service provider community touchpoints within the nation and Southeast Asia.

Final month, Pine Labs raised $50 million from Vitruvian Companions, a London-headquartered worldwide funding agency.

Integrated in Singapore, Pine Labs’ key buyers embody Sequoia India, Actis Capital, Temasek, PayPal (NASDAQ:) and Mastercard (NYSE:).

Greater than 80 enterprise utility apps can be found on Pine Labs’ built-in PoS app ecosystem.

–IANS

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