IPO-bound fintech unicorn Pine Labs on Thursday said it has forayed into the United Arab Emirates (UAE) market through partnerships with local banks and financial institutions, marking its expansion in the global footprint.
“We believe that the UAE banks are keen to deliver value to their merchant partners and are looking for smarter tech integrations that end up elevating the experience for their customers,” said Kush Mehra, president and chief business officer at Pine Labs.
Pine Labs has joined hands with Kalyan Jewellers, which has a strong market presence in UAE, particularly in the Indian expat community. It has also opened its first office in the region in Dubai’s Emaar Business Park.
Kalyan Jewellers operates over 10 stores in several cities across UAE, including Dubai, Sharjah, Ras-Al-Khaimah and Abu Dhabi, among others.
In October last year, Pine Labs had also entered the branded wearables market that enables customers to purchase wearable devices of some brands on a buy-now-pay-later arrangement through the company’s point-of-sale (PoS) terminals.
It currently offers buy now pay later services via online and offline modes, through its Plural gateways and Plutus Smart PoS terminals, respectively.
The Noida-based fintech company’s payment services are available to electronics, lifestyle, automobile, grocery, healthcare and hospitality services sellers, with India and Malaysia being its older markets.
It also offers its application Qwikcilver to corporates including Fast-Moving Consumer Goods (FMCG) brands, e-commerce companies, and the likes, providing prepaid, stored value gift cards to help them bolster sales.
The firm is backed by Sequoia Capital, and raised $50 million at a $5 billion valuation from Vitruvian Partners in March last year. Prior to that, it had raised around $150 million in a funding round from Alpha Wave Ventures.
Some of its other investors include Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management, and Temasek.
