Pine Labs, a fintech company founded in 1998, has evolved from providing payment solutions at petrol pumps to offering an AI-powered fintech stack. By the first quarter of FY27, it served over 1.15 million merchants across India, Southeast Asia, and the Middle East. The company’s growth involved multiple acquisitions and a strategic shift to online checkout, consumer financing, and banking infrastructure, according to inc42.com.
The company expanded its services through acquisitions including Qwikcilver for gift cards, Fave for consumer rewards, Mosambee for merchant acceptance, and Qfix and Shopflo for online payments and checkout. Additional acquisitions like Setu, Credit+, and Saluto enhanced fintech infrastructure, issuing, and enterprise rewards capabilities. Despite raising nearly $1.6 billion before going public, Pine Labs faced challenges in consolidating profits due to costs related to payment hardware, employees, processing, cloud infrastructure, and overseas operations.
Pine Labs initially planned a US IPO in 2022 aiming to raise $500 million but deferred due to market conditions. Instead, it merged its Singapore holding company with its Indian entity in June 2025 and opted for an Indian listing. The company reported positive financial results in FY26, reflecting the payoff from its strategic expansions and acquisitions. This positions Pine Labs as a significant player in the fintech sector across multiple regions.
By Q1 FY27, Pine Labs’ fintech stack supports over 1.15 million merchants, brands, and financial institutions, marking a milestone in its transition from payment hardware to a comprehensive AI-driven fintech platform, as detailed by inc42.com.