India-based payment solutions company Pine Labs, has acquired joint investments from Singapore’s Temasek Holdings and PayPal. This was confirmed in a statement from PayPal, which confirmed both companies had taken minority stakes in Pine Labs for US$125 million. Temasek also confirmed the investment to Marketing.
The statement added that Temasek Holdings is a great partner for Pine Labs as it ramps up its regional expansion due to its "deep network in many Asian markets and extensive knowledge of financial services companies". Pine Labs is also looking to expand its product suite, building new layers of services for merchants, banks and other communities in the payment ecosystem, which allows for PayPal’s global presence and product expertise.
It currently has offices in Malaysia, India and Dubai. According to a TechCrunch report, clients of Pine Labs currently include Croma, Nike, McDonald’s, Apple, KFC, Sony and Samsung, the report added.
Meanwhile, Sequoia India, which first invested in Pine Labs in 2009, remains the company’s largest shareholder. The past year has also seen Pine Labs adding four valuable equity partners, including Actis and Altimeter which also have specialities in the global payments industry.
The move follows PayPal’s recent US$2.2 billion acquisition of iZettle, a small business commerce platform in Europe and Latin America. This was in a bid to significantly expand PayPal's in-store presence and strengthen its platform when it came to small businesses globally.