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Pine Labs
Pine Labs is an Indian multinational company that provides point of sale (POS) systems and payment systems. Founded in 1998, it makes Android-based POS machines that are primarily used by retailers in India, UAE, and Malaysia.
The company was founded in 1998. The company initially provided petroleum retail automation services, before becoming a payments products and services firm for merchants, selling POS terminals.
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.
The company acquired gifting startup Qwikcilver for $110 million in March 2019.
In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay and Pine Labs partnered for offline payments offerings in India. The company partnered with UnionPay in January 2019.
In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million. Fave's co-founders Joel Neoh, Yeoh Chen Chow, and Arzumy MD, continued working in the company.
In August 2021, the company suffered a data breach exposing the data of up to 500,000 of its users to hackers.
In January 2022, Pine Labs filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission seeking to raise about $500 million.
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Pine Labs
Pine Labs is an Indian multinational company that provides point of sale (POS) systems and payment systems. Founded in 1998, it makes Android-based POS machines that are primarily used by retailers in India, UAE, and Malaysia.
The company was founded in 1998. The company initially provided petroleum retail automation services, before becoming a payments products and services firm for merchants, selling POS terminals.
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.
The company acquired gifting startup Qwikcilver for $110 million in March 2019.
In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay and Pine Labs partnered for offline payments offerings in India. The company partnered with UnionPay in January 2019.
In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million. Fave's co-founders Joel Neoh, Yeoh Chen Chow, and Arzumy MD, continued working in the company.
In August 2021, the company suffered a data breach exposing the data of up to 500,000 of its users to hackers.
In January 2022, Pine Labs filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission seeking to raise about $500 million.