Pine Labs and Mastercard yesterday have now confirmed an investment by the IS payment and technology into the homegrown financial technology company that Mastercard had emerged as a strong contender to invest in India’s largest point of sale solutions provider as a part of a $300 million funding round.
They both revealed that the deal was a part of a partnership to continue the rapid growth of convenient electronics payment options for customers across the region.
“Together, the companies will offer a suite of value-added services, including Pine Labs’ end-to-end stored value solutions, which will replace the paper ones now widely used by companies, retailers, and people in South Asia and many other markets,” according to the statement.
The transaction is expected to value the Singapore and Noida based Pine Labs at $1.7 billion and will even involve a mix of primary and secondary shares, thus giving Mastercard a firm footing in the fast-growing merchant acquiring segment.
“This relationship is a great validation of the top-quality products that Pine Labs delivers to merchants,” Lokvir Kapoor, founder, and chairman of Pine Labs, said in the statement on Friday.
“Together, we have a unique opportunity to use Mastercard’s global presence and technology infrastructure to enhance our growth and enable us to meet the growing needs of customers in India and beyond,” he said.