Pine Labs takes controlling stake in Mosambee

Mumbai: Merchant commerce platform

Pine Labs

has acquired a controlling stake in Mosambee, an end-to-end

payment

solutions provider in India, valuing it at $100 million. Pine Labs intends to retain the leadership team and operate

Mosambee

independently using its proprietary tech platform.

Mosambee was promoted by

Alok Arora

,

Bhushan Thaker

and

Sameer Chugh

as a provider of low-cost electronic payment acceptance services. Earlier this year, the company had acquired Cashless Technologies, the firm that runs payment & lending technology platform Benow.

Speaking to TOI, Pine Labs CEO Amrish Rau said, “Over the last 18 months, we have raised a lot of capital. We have fortified our capital position, that allows us to invest in organic and inorganic opportunities.” He added that with the latest acquisition, the company has the whole gamut of merchant offerings.

Pine Labs had raised capital at a valuation of over $5 billion last year, which makes it among the top three fintechs in the country. Incorporated in Singapore, Pine Labs’s key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard. The company, which was well known as a leader in card-swipe machines, generates less than half of its revenues from the point-of-sale space having diversified into other businesses.

“We are now present in every vertical of the market segment through payments. We want to continue to invest on the commerce side — digitising the storefront, invoicing digitisation, providing financial services, enabling offline to online and at some point of time we want to close the loop with the customer,” said Rau. “We want to keep this as an independent brand, an independent company. So that we can tell retailers who want only payment processing that this is a separate technology stack to Pine Labs.”

Mosambee co-founder Chugh said, “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 the extensive reach of Pine Labs and their portfolio companies, we aim to continue to deliver strong profitability and breakthrough solutions to our clients.”


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