State Bank of India invests USD20 million in payment solutions provider Pine Labs

SBI invests $20 mn 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 has planned to 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.

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. Prior to this, Pine Labs raised a total of $600 million from US-based asset management firm Fidelity, Blackrock and others in 2021. The IPO-bound online payments company is looking to list in the United States in the first half of 2022.