SBI to invest $20 million in Pine Labs

SBI, Pine Labs

India’s leading lender the State Bank of India will soon be investing $20 million on merchant commerce platform, Pine Labs.

Earlier in 2021, Pine Labs had raised a total round size of US $600M from a marquee set of new investors and followed it up with a $100M fundraise from US-based Invesco Developing Markets Fund.

B. Amrish Rau, CEO, Pine Labs, said “We are thrilled to have the largest bank of India, the State Bank of India place their trust in us and welcome them in this journey where we are empowering merchants with seamless and secure payment experiences across offline and online platforms. In the last one year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.”

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