FintechM&A / FundingPaymentsValuations

Pine Labs submits $500M US IPO proposal

Pine Labs Pvt, a Singapore-based digital payments provider with funding from Sequoia India and Mastercard, has filed confidentially with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO), according to Bloomberg.

The filing states the company could list as soon as the first half of this year, and would give Pine Labs a valuation between $5.5 billion and $7 billion. Goldman Sachs and Morgan Stanley are set to be lead banks for the deal, with considerations related to size and timing reportedly still ongoing.

Since its founding in 1998, Pine Labs has become a worldwide name in payments with clients including Burger King, McDonalds, Flipkart, Apple and Starbucks. There are big names on the company’s term sheets as well – investors include Sequoia India, Mastercard, PayPal, the State Bank of India and others.

Pine Labs most recently raised approximately $600 million from investors including Fidelty Management & Research Co. and BlackRock Inc., which set the company’s previous valuation at $3 billion in July 2021.

At the time, the company said it was planning to target a public offering in the next 18 months, but it seems the timeline was sped up following green cash flow and success of its “pay later” program.

The company currently serves over 150,000 merchants in India, the Middle East and Southeast Asia through its digital payments gateway and commerce platform. It also offers payment support for a number of enterprise customers.

In other recent fintech news, Core Spaces and Harrison Street pledge $1.5B to bring major metros build-to-rent communities. Qraft also closed a $146 million fundraise led by SoftBank to lead AI-driven asset management disruption.

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