Pine Labs enters the online payment space with the launch of the new Plural product

Pine Labs Pvt Ltd said on Thursday that it has entered the online payments space with the launch of its new product Plural, which will bring it face to face with Razorpay.

“What our technicians have provided with Plural is absolutely world-class advanced technology and a transparent medium for online commerce,” said Amrish Rau, CEO of Pine Labs, in a statement.

“After focusing on traditional merchants and EMI and installment merchants, we wanted to create a payment solution for new era brands. We plan to bring Plural to Southeast Asia next year in 2022, “Rau told Mint.

Tanya Malik, who was previously Payments Manager at PayPal India, now leads Pine Labs’ Plural business. “The differentiation that we are looking to make with Plural is that it is an open platform and it can integrate with any solution that a merchant is already using. With Plural, we can also now offer a suite of products under one brand across all channels (offline and online) through our multiple offerings that will bring an integrated omnichannel payment experience to brands, ”said Malik.

The main products of the Plural brand are Plural Gateway, Plural Checkout and Plural Console.

Plural Gateway is a customizable payment gateway that allows the acceptance of payments via more than 100 payment methods. It is also equipped to process transactions involving Buy Now Pay Later (BNPL), which has now become the buzzword in the fintech space.

Its product Plural Checkout is a mobile SDK (software development kit) that helps boost the performance of payment gateways for Android and iOS users, while Plural Console is a payment orchestration (POP) platform that provides a unique technological framework to trigger transactions through multiple payment gateways.

As potential customers for its Plural product, Pine Labs aims to rally online stores, large e-commerce companies, large-scale government institutions and large financial services companies.

This year, Pine Labs raised large sums of money ahead of its initial public offering (IPO).

Last month, Pine Labs raised $ 100 million (Rs 734 crore) in a new round of investment from U.S. investment management firm Invesco.

The funding came just months after its $ 600 million funding round closed earlier in July with U.S. asset management firm Fidelity Management and Research Company, BlackRock, Ishana, Tree Line and a fund advised by Neuberger Berman Investment Advisers LLC. IIFR AMC, through its Late-Stage Tech Fund, and Kotak Funds also participated in the round.

Pine Labs was founded in 1998 by Rajul Garg, who left the company in 2003. The payments company was later taken over by Lokvir Kapoor, currently president of the company.

Initially, it focused on large-scale smart card payments and loyalty solutions for Indian metro companies before switching to its current business model and raising significant ongoing venture capital funds. road. Its other investors are Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard.

In August, Pine Labs enlisted CRED founder Kunal Shah to its board of directors.

The company has also made acquisitions in the past. It acquired the Southeast Asia-based fintech platform Fave for $ 45 million (337 crore rupees) in April 2021. In July 2020, Pine Labs made a strategic investment in Fave.

Pine Labs previously acquired QwikCilver in 2019 for which it raised capital from Actis Advisors.

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