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Pine Labs Partners Emirates NBD To Offer Solutions In UAE
Inc42
·
1y ago
Medial
Pine Labs has partnered with UAE-based banking group Emirates NBD to provide digital payments solutions. Emirates NBD will utilize Pine Labs' Credit+ platform to expand its offerings and deploy merchant acquiring processing solutions for its corporate and institutional clients. The collaboration will initially be introduced in the UAE, with plans to expand it to Saudi Arabia and Egypt. This partnership will boost Pine Labs' revenue and extend its presence in the Middle East. In its latest financial year, Pine Labs experienced a significant increase in net loss but saw a 37% rise in operating revenues.
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Emirates NBD ties up with Pine Labs to strengthen merchant acquiring solutions
Entrackr
·
1y ago
Medial
Fintech firm Pine Labs has partnered with Emirates NBD, one of the leading banking groups in the Middle East, North Africa and Turkey (MENAT), to bring world class payment acquiring solution to the region. As part of its growth plans, Emirates NBD is expanding its offering by leveraging Pine Labs’ Credit+ platform to deliver merchant acquiring processing solutions for its corporate and institutional clients, initially in the UAE then across the Kingdom of Saudi Arabia and Egypt. The expanded suite of solutions will empower the bank’s clients to improve their digital payment system for both online and instore payments. “We have built many retail payment solutions in India and these are very relevant in global markets. RTP, Online, Contactless, Token management, NFC all services included here. Couldn’t be more excited with global Fintech,” said Amrish Rau, CEO of Pine Labs. According to Rau, Pine Labs’ acquiring processing platform Credit+ is built for scale and is already live in more than 20 countries. Emirates NBD has presence in 13 countries, serving over 9 million active customers. The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 858 branches and 4,450 ATMs.
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RBI identifies Fairfax Financial, Emirates NBD, Kotak Mahindra Bank as bidders for IDBI Bank’s majority stake | Mint
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) has approved Fairfax Financial Holdings, Emirates NBD, and Kotak Mahindra Bank as potential buyers for a majority stake in IDBI Bank. The Indian government, which owns 45.48% in IDBI Bank, along with Life Insurance Corp of India, plans to sell 60.7% of the lender. The bidders are in discussions with the government and will be granted access to IDBI Bank's private data for evaluation. Other interested buyers include Canadian billionaire Prem Watsa and Emirates NBD Group, which offers financial services in the UAE, India, and Saudi Arabia.
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Dubai's Emirates NBD partners with BlackRock to offer private markets access
VCCircle
·
4m ago
Medial
Dubai's Emirates NBD has partnered with BlackRock to offer its wealth management clients access to alternative asset classes, mainly focusing on private markets. This collaboration will establish an investment platform in the United Arab Emirates, initially targeting private credit and multi-alternatives. By diversifying their portfolios in private markets, clients may seek higher returns than traditional investments. BlackRock's Alternative Investments platform, with over $450 billion in assets, will facilitate these opportunities.
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Pine Lab officially acquires Qwikcilver for $110 million
Entrackr
·
1y ago
Medial
Point of sale payment solution company Pine Labs has confirmed on Friday that it has completed the acquisition of Bengaluru based gift card solutions provider Qwikcilver. Last month, Pine Labs had signed a definitive agreement to acquire Qwikcilver for $110 million. With this acquisition, Qwikcilver and Pine Labs now have a combined gift solutions business comprising 250 brands and retailers and 1500 enterprise customers. (Source)
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Kenro Capital eyes up to $40 mn stake in Pine Labs as early backers seek exits
Livemint
·
11d ago
Medial
Kenro Capital is considering a $30-40 million investment in Pine Labs as the fintech company’s initial investors seek exits ahead of its IPO. Pine Labs recently filed a draft red herring prospectus with the Securities and Exchange Board of India for its public offering, planning to issue fresh equity worth ₹2,600 crore and an offer-for-sale of over 14.78 crore shares. The company was valued at $5.05 billion in 2022 after raising funds from Vitruvian Partners.
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Fintech unicorn Pine Labs files DRHP with SEBI for Rs 2,600 crore IPO
IndianStartupNews
·
1m ago
Medial
Pine Labs, a Noida-based fintech unicorn, has filed its draft red herring prospectus with SEBI, aiming to raise Rs 2,600 crore via an IPO. This includes a fresh issue and an offer for sale of 147.8 million shares. Key shareholders selling stakes include Peak XV Partners, Temasek, PayPal, and Mastercard. The funds will support debt repayment, Southeast and West Asia expansion, and technological advancements. Pine Labs reported Rs 1,208 crore in revenue, achieving profitability with a Rs 26 crore net profit.
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Fintech firm Pine Labs weighs $1 billion IPO in India
Economic Times
·
1y ago
Medial
Pine Labs, a digital payments provider based in Asia, is considering raising around $1 billion in an initial public offering (IPO) in India. The company, backed by Peak XV Partners and Mastercard, may seek a valuation of over $6 billion in the IPO. Pine Labs currently serves over 500,000 merchants in various regions and offers payment and financial solutions. If successful, this would be the largest IPO by an Indian fintech firm after Paytm's $2.5 billion offering earlier this year.
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Baron Funds hikes Pine Labs valuation to $5.8 billion, Invesco marks it up to $4.8 billion
Economic Times
·
1y ago
Medial
US funds Baron Funds and Invesco have increased their valuations of Indian digital payments company Pine Labs. Baron Funds now values the company at $5.8bn, up from $5.3bn in September, while Invesco has raised its valuation to $4.8bn from $3.9bn at the end of October. Pine Labs, which provides point-of-sale solutions for merchants, last raised $150m at a valuation of $5bn in 2022. Fidelity, another US fund, marked down Pine Labs' valuation to $3bn in August 2023. Pine Labs reported a net loss of INR2.27bn ($28.76m) for FY23.
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Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman
Entrackr
·
3m ago
Medial
Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman Pine Labs, a merchant commerce and payments platform, has promoted its Chief Executive Officer (CEO), Amrish Rau, from the role of Additional Director to Managing Director and Chairman. His elevation comes as the company prepares for its Initial Public Offering. Importantly, Rau continues to be the CEO of the Peak XV-backed firm. The board of Pine Labs has passed a resolution appointing Amrish Rau as the Managing Director and Chairman of the company for a five-year term, effective March 24, 2025, according to its filing with the Registrar of Companies (RoC). Rau joined Pine Labs as its CEO in March 2020. Prior to this, he was chief executive of Prosus-backed PayU India. Pine Labs recently received final approval from the National Company Law Tribunal (NCLT) to reverse flip its Singapore-based entity back to India. With this move, the fintech unicorn joined other Indian unicorn companies such as PhonePe, Groww, Zepto, and Dream11, which also relocated their headquarters back to India recently. The payments firm is eyeing to launch an IPO in the second half of 2025. As per media reports, the company is eyeing a $1 billion public issue and would comprise of issue of fresh equity shares and an offer for sale (OFS). Pine Labs is a merchant commerce platform that offers POS (point of sale) services which let merchants accept plastic cards and QR-based payments in their stores. It also offers Buy Now Pay Later (BNPL), invoice management, and gifting solutions. According to data intelligence startup TheKredible, Pine Labs has raised nearly $1.3 billion in funding to date from investors including Peak XV Partners, Temasek, PayPal, Mastercard, and others. The company currently holds a valuation of $5 billion. While Pine Labs is in the final stages of relocating its domicile from overseas back to India, a number of other startups—including Razorpay, Meesho, KreditBee, Udaan, Livspace, and several others—are also actively working on shifting their domiciles to India.
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Pine Labs converts into public, appoints independent directors
Entrackr
·
2m ago
Medial
Pine Labs, a merchant commerce and payments platform, is set to debut on the Indian stock exchange, with its Indian entity recently converted into a public company — a key step toward its planned IPO. This conversion comes just weeks after the company received final approval from the National Company Law Tribunal to shift its domicile from Singapore to India. The board at Pine Labs has passed a resolution for approval to change its status to a public company and rename it from “Pine Labs Private Limited” to “Pine Labs Limited” as per its regulatory filing. The fintech unicorn also appointed three independent directors in compliance with the Companies Act, ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India. Pine Labs has appointed Amrita Gangotra, Smita Chandramani Kumar, and Maninder Singh Juneja as independent directors, as per the filing. Gangotra, with over 35 years of experience in tech and business leadership, also serves on the boards of companies including Triveni Turbine, Max Healthcare, and ABB India. Kumar, a former RBI official with over three decades of experience, and Juneja, who has held senior roles at ICICI Bank, TransUnion CIBIL, and Niva Bupa, also sit on multiple boards. Last month, Pine Labs promoted its Chief Executive Officer (CEO), Amrish Rau, from the role of Additional Director to Managing Director and Chairman. Entrackr exclusively reported the development. The payments firm is eyeing to launch an IPO in the second half of 2025. As per media reports, it’s eyeing a $1 billion public issue and would comprise of issue of fresh equity shares and an offer for sale (OFS). Pine Labs also roped in Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies as bankers. Pine Labs is a merchant commerce platform that offers POS (point of sale) services which let merchants accept plastic cards and QR-based payments in their stores. It also offers Buy Now Pay Later (BNPL), invoice management, and gifting solutions to merchants. According to startup data intelligence platform TheKredible, Pine Labs has raised nearly $1.3 billion in funding to date from investors including Peak XV Partners, Temasek, PayPal, Mastercard, and others. The company currently holds a valuation of $5 billion.
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