US-based Invesco Fund invests $100 mn in Sequioa-backed Pine Labs

Pine Labs, one of Asia’s leading merchant commerce platforms, has received a new investment round in the company with the entry of Invesco Developing Markets Fund, a US-based investment management company, which has invested $100 million in it.

Earlier in July, the company had raised a total round size of $600 million and brought in a marquee set of new investors, which took its valuation to $3 billion. Pine Labs is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors.

“Over the last 18 months we have scaled our prepaid issuing stack, online payments,