Fintech platform Pine Labs has confidentially filed for an IPO with the U.S. Securities and Exchange Commission (SEC), Bloomberg news reported on Monday, citing close sources privy to the matter. Pine Labs has so far not commented on this report.
This development has come to the fore barely days after SBI, India’s largest bank, announced that it has invested $20 Mn in Pine Labs.
The report further claims that the Mastercard and Sequoia backed company is seeking to raise $500 Mn at a valuation of $5.5-7 bn. Morgan Stanley and Goldman Sachs have been roped in to work for the IPO proceedings.
The rumours about the Noida and Singapore based company vying for an IPO listing has been circulating since last year. The fintech major, by the way, witnessed frenetic activities in the just concluded 2020. From raising $600 Mn in July from set of marquee investors, following a $100 Mn top up from U S based Invesco to entering in the payment gateway space.
Pine Labs was founded way back in 2008, when a resilient startup ecosystem and strong VC culture did not exist. The company offers slew of payment solutions to the merchants like instore, POS, pay later and online payment solutions.
The company competes with several heavily funded startups in the fintech space. This includes the likes of Payu, Razorpay and Instamojo among others.