Pine Labs, a leading merchant commerce platform, said today that it has invested a large portion of its capital in Mosambee, an Indian end-to-end payment solution provider. Mosambee will now be valued at more than USD 100 million thanks to Pine Labs’ financing.
Mosambee’s leadership team will continue to operate independently and rely on its patented technology platform, which has proven to be effective in meeting the demands of clients in a variety of industries.
“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. I look forward to great outcomes ahead and welcome Sameer and team to the Pine Labs family,”Amrish Rau, CEO, Pine Labs, said.
Pine Labs has over 250,000 merchant contacts in India and Southeast Asia, with over 675,000 merchant network touchpoints as of March 2022. Pine Labs has a market-leading presence in India’s offline Pay Later segment, with more than 25 issuers on its platform.
“We have long admired Pine Labs as an invaluable contributor to the Digital India vision and everyone at Mosambee is thrilled with their investment in us. In fact, 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 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.
Mosambee announced the acquisition of Benow, digital payments, and EMI technology platform, in February 2022. Pine Labs is also expanding its Pay Later offering outside of India, announcing the ‘Mastercard Installments with Pine Labs’ program in collaboration with Mastercard and DBS Bank to provide two million DBS Bank cardholders in Singapore, Indonesia, and Hong Kong SAR with interest-free installment purchase options.
Pine Labs merchants may easily manage numerous areas of their in-store operations, such as invoicing, inventory management, and GST compliance, with more than 80 business utility apps available on their integrated PoS app ecosystem. The young and energetic team at Mosambee will benefit from Pine Labs’ capacity to deliver commerce products at scale, its constant focus on enhancing the payment checkout experience, and its emergence as the ‘omnichannel partner of choice’ for merchants.