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Report: India’s Pine Labs Weighs IPO

The CEO of Pine Labs, an Indian fintech company, says the company could go public in just a year because of the opportunities in digital payments, Reuters reported.

“We are at a stage in which we want to examine an IPO option in the next 12 months,” Amrish Rau told Reuters in a virtual interview, the news service reported. “In the next 18 months, I see this (online business) as a $ 25 billion opportunity (annually) for Pine Labs alone. half a year. “

According to Reuters, Rau declined to disclose the stock exchange the company was expected to list on. The company is valued at approximately $ 3.5 billion and is backed by Singapore-based investors including Sequoia Capital, PayPal, Mastercard and Temasek.

Pine Labs, with annual sales of up to $ 35 billion, serves the hospitality, telecommunications and electronics sectors, among others. In its marketing materials, Pine Labs lists clients such as Burger King, McDonald’s, Flipkart, Starbucks, and Marks & Spencer. Founded in 1998, the company focused on smart card systems for payments and loyalty programs for the first 10 years, according to its website. “Eleven years later, we made our first forays into the world of mainstream payments, offering merchants solutions and connecting them to banking and financial services,” the company said.

On Thursday (October 14th), Pine Labs launched its plural offering, which the company described as “a breakthrough into the online payments space”. Plural has three components, including a customizable payment gateway that includes Buy Now, Pay Later (BNPL) functionality; a payment gateway tailored to improve transactions on the Android and iOS mobile operating systems; and a console that enables payments on multiple platforms through a technology framework.

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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BREWING BATTLE, WHERE WE BANK

Above: Despite the great interest in these services, 47 percent of US consumers shy away from pure digital banks for data protection reasons. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to find out how digital-only banks can ensure privacy and security while providing convenient services to meet this unmet demand.

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