Pine Labs, an Indian service provider commerce platform, introduced that it has made a big majority funding into Mosambee, a neighborhood and fast-growing end-to-end cost resolution supplier.
This funding by Pine Labs will now worth Mosambee at upwards of US$ 100 million.
Pine Labs mentioned that it’s capacity to distribute commerce merchandise at scale, its steady concentrate on bettering the cost checkout expertise, and emergence because the ‘omnichannel companion of selection’ for retailers is ready to profit the crew at Mosambee.
The corporate added that the management crew at Mosambee will proceed to function independently.
Mosambee had beforehand introduced the acquisition of Benow, a digital funds and EMI know-how platform, in February 2022.
Pine Labs can be scaling its Pay Later proposition to newer markets exterior India. The corporate just lately introduced the ‘Mastercard Installments with Pine Labs’ programme in affiliation with Mastercard and DBS Financial institution to allow interest-free installment buy choices to the 2 million DBS Financial institution cardholders in Singapore, Indonesia, and Hong Kong SAR.
As of March 2022, Pine Labs has greater than 250,000 service provider relationships throughout over 675,000 service provider community touchpoints in India and Southeast Asia.
Amrish Rau, CEO, Pine Labs, mentioned
“At Pine Labs, we proceed to concentrate on deep know-how and SaaS. Ever since its founding, Mosambee has made great in roads into elevating the service provider expertise by means of cutting-edge fintech options.
They had been a pure match for us as a consequence of our shared objective of creating revolutionary fintech merchandise accessible to all and driving ahead the digital cost revolution in India. I sit up for nice outcomes forward and welcome Sameer and crew to the Pine Labs household.”
“We’ve got lengthy admired Pine Labs as a useful contributor to the Digital India imaginative and prescient and everybody at Mosambee is thrilled with their funding in us. The truth is, Pine Labs was our first companion once we launched our platform.
Mosambee as we speak caters to a wide selection of companies, from SMEs to non-public and authorities entities to main banking establishments in India. With intensive attain of Pine Labs and their portfolio firms, we goal to proceed to ship sturdy profitability and breakthrough options to our shoppers,”
mentioned Sameer Chugh, Co-founder of Mosambee.