RIYADH: Indian e-payment and financial services platform Pine Labs raised $50 million in funding, giving it a $5 billion valuation, as it eyes going public in the US soon.
This comes as an extension to a series of funding rounds by the fintech startup that amount to over $1 billion to date, Business Insider India reported citing Crunchbase.
The latest round, which includes a $15 million employee stock ownership program buyback, was partly supported by UK-based investment firm Vitruvian Partners.
A month earlier, the firm raised $150 million from asset manager Alpha Wave Global, to provide liquidation opportunities to existing shareholders through a secondary offering.
Founded in 1998, Pine Labs filed for an initial public offering in the US back in January this year, seeking to raise $500 million.