by IANS |
New Delhi, April 13 (IANS) Merchant commerce platform Pine Labs on Wednesday said it has made a significant majority investment in end-to-end payment solution provider Mosambee in India, as it expands Buy Now Pay Later (BNPL) offering in Southeast Asia.
With this investment, Mosambee is now valued at more than $100 million.
Mosambee offers a curated merchant solutions platform, catering to offline and online merchants in India and six other countries.
"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," said Amrish Rau, CEO, Pine Labs.
The leadership team at Mosambee will continue to operate independently.
"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," said Sameer Chugh, Co-founder of Mosambee.
In February, Mosambee acquired Benow, a digital payments and buy now pay later (BNPL)-focused startup.
On the other hand, Pine Labs has more than 250,000 merchant relationships across over 675,000 merchant network touchpoints in the country and Southeast Asia.
Last month, Pine Labs raised $50 million from Vitruvian Partners, a London-headquartered international investment firm.
Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.
More than 80 business utility apps are available on Pine Labs' integrated PoS app ecosystem.