Pine Labs has confidentially filed for a U.S initial public offering to raise about $500 million. Temasek and Mastercard backed the company’s listing. This could give it a valuation of about $5.5 billion to $7 billion.
Expansion plans
Last week, India’s top lender State Bank of India invested $20 million in Pine Labs. Pine Labs had raised $600 million last year, valuing it at $3.5 billion. Pine Labs now offers services and tools such as inventory management and payment terminals to merchants across Asia and the Middle East.
