India-based payment facilitator Pine Labs said this week that it has closed a new round of funding, raising $285 million.
The company, which was founded in 1998, plans to use the money to further scale its product offerings, it said. It enables more than 150,000 merchant customers across Asia and the Middle East to accept payments in-store and online.
Investors included Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management, as well as existing investors Temasek, Lone Pine Capital and Sunley House Capital.
“We’re thrilled to welcome marquee investors like Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital and Moore Strategic Ventures to the already pristine cap table of Pine Labs. This is an exciting phase in our journey as we enter newer markets,” B. Amrish Rau, CEO of Pine Labs, said in a press release.
“We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners,” Rau said.
According to TechCrunch, the new funding round valued the company at $3 billion. This is up from a valuation of more than $2 billion in its last funding round in December. The company said this news represented a first close of the round, which may be extended.
The company also acquired loyalty and cashback platform Fave in April.