Pine Labs secures $285 mn funding, unicorn firm's valuation tops $3 bn

Company offers merchants payment technology and working capital; it started as a retail solutions player in petroleum.

Pine Labs, which offers merchants payment technology and working capital, has completed a new round of financing of $285 million, said the unicorn fintech company on Monday

The investors included Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in this funding round.

The new investment takes the valuation of the Noida-based company to about $3 billion, up from about $2 billion in a funding round last year in December and $1 billion in early 2020, according to the sources.

Pine Labs said