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IPO Bound Pine Labs Invests In Payments Solutions Provider Mosambee

IPO Bound Pine Labs Invests In Payments Solutions Provider Mosambee

With the latest investment from Pine Labs, Mosambee is now valued at upwards of $100 Mn

Post the acquisition, the leadership team at Mosambee will continue to operate independently

Pine Labs has not disclosed the terms of the deal

IPO bound fintech unicorn Pine Labs has made a majority investment into Mosambee, an end-to-end payment solution provider. With the latest investment from Pine Labs, Mosambee is now valued at upwards of $100 Mn. 

Post the acquisition, the leadership team at Mosambee will continue to operate independently and use its proprietary tech platform. However, Pine Labs has not disclosed the terms of the deal.

“At Pine Labs, we continue to focus on deep technology and SaaS. Ever since its founding, Mosambee has made tremendous in roads into elevating the merchant experience through cutting-edge fintech solutions. They were a natural fit for us due to our shared purpose of making innovative fintech products accessible to all and driving forward the digital payment revolution in India,” Amrish Rau, CEO of Pine Labs, said.

Payment solution provider Mosambee offers a curated merchant solutions platform catering to offline and online merchants in India and six other countries. The startup works with corporate clients, as well as SME merchants and various government departments.

“Pine Labs was our first partner when we launched our platform. Mosambee today caters to a wide array of businesses, from SMEs to private and government entities to leading banking institutions in India. With the extensive reach of Pine Labs and their portfolio companies, we aim to continue to deliver strong profitability and breakthrough solutions to our clients,” Sameer Chugh, cofounder of Mosambee, stated.

Currently, Pine Labs claims to have more than 250,000 merchant relationships across over 675,000 merchant network touchpoints in India and Southeast Asia, as of March 2022. It is also working on to scale its Pay Later proposition to newer markets outside India.

In February, PineLabs acquired  Mumbai-based Qfix Infocomm, an online payments startup. The acquisition was aimed to aid the fintech platform’s Plural platform. It also acquired consumer fintech platform Fave last year. 

While the fintech unicorn is reportedly gearing up for its initial public offering (IPO), it has recently closed a funding round worth $50 Mn, raising money from PE company Vitruvian Partners at a valuation of slightly more than $5 Bn. It also raised $150 Mn from Alpha Wave in February. 

Among fintech players, Vijay Shekhar Sharma’s Paytm, insurtech PolicyBazaar, Fino Payments Bank went public last year. On the other hand, fintech unicorn Mobikwik also received SEBI nod for its IPO last October but it deferred its IPO amid market volatility.