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Merchant platform company Pine Labs said on October 14 that it has forayed into the online payments space with a payment gateway platform named Plural.
The company will have three key products under the Plural brand -- Plural Gateway, Plural Checkout, and Plural Console. Plural Gateway is a customisable payment gateway that allows payment acceptance via over 100 payment modes and is also equipped to process Buy Now Pay Later (BNPL) transactions.
Plural Checkout is a Mobile SDK (Software Development Kit) intended to boost payment gateway performance for Android and iOS users. Plural Console is a Payment Orchestration Platform (POP) that offers a single tech framework to trigger transactions via multiple payment gateways.
“I am very excited to take Pine Labs on a new journey and a familiar terrain. What our technology folks have delivered with Plural is absolutely world-class, advanced tech, and a seamless way for online commerce to happen. We believe Plural is going to be a category-defining product that will deliver an unmatched payment experience to the end-user,” said B. Amrish Rau, CEO, Pine Labs.
The product was being built over the past year and is headed by former PayPal executive Tanya Naik, who is the Head - Online and Omnichannel Business at Pine Labs.
“The platform has been built for scale from day one. Given reliability and security at its core, an extra effort has been coded to build a modern cloud-native microservices-based architecture, which can serve industry best standards and metrics, through cloud computing platform has been designed to elastically scale to handle sudden spikes in traffic,” Naik said at the launch.
Plural is expected to make the offline-to-online transition easier for Pine Labs’ merchant base and other online businesses looking to tie-up with a company with a good track record in the payments ecosystem.
It is aimed towards merchants and enterprises looking to set up afresh or augment their existing online commerce business. The company is targeting online stores, big e-commerce companies, large-scale government institutions, and large financial services companies, Pine Labs said.
Other payment gateway service providers in India include players like BillDesk, Razorpay, PayU, Zaakpay, Atom Technologies among others.
This comes ahead of the company’s planned IPO for which Pine Labs is reported to have appointed Morgan Stanley and Goldman Sachs as advisors. It is eyeing a valuation of $6 billion and had raised $600 million in July at a valuation of $3 billion. The company also raised $100 million from US-based investment management company Invesco in September.
Founded in 1998, Pine Labs processes payments worth $30 million in a year. The company provides merchant payment, PoS, and Buy Now Pay Later (BNPL) solutions and is backed by investors like Sequoia Capital, Temasek Holdings, Mastercard Asia, Actis and PayPal among others.
It serves over 150,000 merchants in 3,700 cities across Asia and the Middle East. It has also enabled its BNPL credit service to 150,000 outlets.