Pine Labs Grabs Majority Stake in Mosambee
Pine Labs , the India-based eCommerce platform that provides financing and last-mile retail transaction technology, has made a significant majority investment in end-to-end payment solution provider Mosambee , the company announced Wednesday (April 13).
The amount of the investment was not disclosed. Pine Labs said Mosambee, also headquartered in India, is now valued at more than $100 million.
“At Pine Labs, we continue to focus on deep technology and SaaS,” CEO Amrish Rau in a statement. “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…”
Sameer Chugh , co-founder of Mosambee, said its executive team will continue to operate independently and use its proprietary tech platform to help clients across sectors.
Since March, Pine Labs has more than 250,000 merchant relationships in more than 675,000 merchant networks in India and Southeast Asia. Today, it has more than 25 issuers on its platform.
Mosambee’s clients include small and medium-sized businesses (SMBs), private and government entities and financial institutions in India.
This week, Home Credit India (HCI), an arm of the global consumer finance company, partnered with Pine Labs.
Read also: Home Credit India Partners With Pine Labs to Build Omnichannel Transactions Network The collaboration promises to enhance the access to the Home Credit Ujjwal Card’s digital equated monthly installment (EMI)-financing options, which will offer service to Pine Labs point-of-sale terminals around India.The platform will allow Home Credit India to be integrated with those terminals and offer omnichannel connections. Phase One is expected to see Ujjwal EMI available at 18,000 stores with an introductory offer of flat 5% cash back on mobile purchases, consumer electronics and more. —————————— NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022 About: While over half of SMBs believe that an […]
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