Emirates NBD will leverage Pine Labs' Credit+ platform to deploy “merchant acquiring processing solutions” for its corporate and institutional clients
Initially, Emirates NBD will roll out the offering in the UAE. Later, it will also be deployed in Saudi Arabia and Egypt
Pine Labs saw its net loss more than double YoY to INR INR 56.2 Cr in FY23, while operating revenues rose 37% to INR 1,280 Cr
Homegrown fintech major Pine Labs
has partnered UAE-based banking group Emirates NBD to roll out its digital payments solutions for the latter’s clients.
As part of the collaboration, Emirates NBD will leverage Pine Labs’ Credit+ platform to expand its offerings and deploy “merchant acquiring processing solutions” for its corporate and institutional clients.
Initially, the offering will be rolled out in the UAE. Later, it would be deployed in Saudi Arabia and Egypt.
For the uninitiated, Credit+ helps fintechs and merchants manage their consumer credit programmes, rewards and offers, and enables them to launch cobranded credit cards. Launched in 2023, the platform claims to cater to more than 20 countries in South Asia, the Middle East, and Africa.
The collaboration will open up new revenue opportunities for Pine Labs as Emirates NBD is one of the major banks in the Middle East, North Africa and Turkey (MENAT) region. In addition, the collaboration will enable Pine Labs to expand its footprint in the region and shore up its top line.
“We are excited to partner with Emirates NBD, Dubai’s largest bank, and deliver to them a robust end-to-end solution for in-store and online merchant acquiring. Credit+ is the go-to solution for modern banks looking for a top quality, API-first full stack tech integration to enhance their credit offerings…,” said Pine Labs CEO and cofounder Amrish Rau.
Commenting on the partnership, group head of wholesale banking at Emirates NBD Ahmed Al Qassim said, “…Our partnership with Pine Labs will enhance our merchant acquiring services, providing our corporate and institutional clients with cutting-edge technology and innovative payment solutions…”
The latest development comes weeks after Pine Labs-owned Setu, in partnership with SarvamAI, launched a large language model (LLM) specifically designed to cater to the banking and financial services (BFSI) industry sector.
Last month, Pine Labs also roped in senior SAP India executive Anand Raisinghani as the new CEO of API infrastructure arm Setu.
Amid all these, Pine Labs is also said to be looking to reverse flip to India. The fintech major saw its net loss more than double to INR 56.2 Cr in the financial year 2022-23 (FY23) from INR 22.6 Cr in the previous year. Meanwhile, its operating revenues rose 37% year-on-year (YoY) to INR 1,280 Cr.
