Bengaluru: Pine Labs Becomes The First Unicorn Of 2020 With Global Payments Giant Mastercard Joining The Funding Round

Bengaluru based Point-of-Sales (PoS) services provider Pine Labs has become the first firm to join the club of Indian unicorns in 2020 with the culmination of the latest funding round, reports Economic Times.

The latest funding round of the company witnessed global payments behemoth MasterCard chip, taking the total sum raised to a range of $100-$150 million, valuing the company in the range of $1.5-$1.6 billion.

The latest funding boost to the company comes at a time when it is partaking into a major expansion of its lending business with debit and credit card based financing options, working in partnership with banks and merchants.

The digital payments major has a wide network of 1.4 lakh merchants with over 4.5 lakh network points where its services can be availed. Its core revenue generator is from the monthly fee it generates from its PoS machines deployed across network points.