State Bank of India invests USD20 million in payment solutions provider Pine Labs
- India’s largest lender, the State Bank of India has invested $20 million (Rs 150 crore) in Pine Labs Pvt Ltd.
- Pine Labs is an Indian merchant commerce platform company. It provides financing and last-mile retail transaction technology, and makes software for point of sale machines.
- Pine Labs will invest the new funds in scaling Plural, its newly launched brand of online payment products. This will allow the company to offer payment services for both in-store as well as online payments.
- The IPO-bound online payments company is looking to list in the United States in the first half of 2022.
Source: Economic Times
Points to Remember:
- Which bank has recently invested $20 million in Pine Labs?
- How much amount has been invested by SBI in Pine Labs?