Merchant commerce platform Pine Labs is on a fundraising spree before its public listing in the US. After raising $600 million, the company has raised $100 million from Invesco Developing Markets Fund.
The fresh funding has come at a time when Pine Labs’ Singapore-based holding entity had converted into a public company and renamed as Pine Labs Limited. This indicates that the company’s IPO preparation is in full swing. The company has reportedly appointed Morgan Stanley and Goldman Sachs as advisors for its IPO in the US next year that could value the company at around $6 billion.
Pine Labs Pay Later has witnessed tremendous traction amongst consumers in India. For the quarter ending December 31, 2020, the company witnessed 108% growth (over pre-COVID levels) in its Pay Later business on the back of big-ticket purchases.