Fintech unicorn Pine Labs has unveiled a new offering, Credit+, a credit issuance platform to help banks, fintech companies and merchants for quick roll out of credit card schemes.
Moving beyond offline payments, Pine Labs has launched the new platform which will help fintechs and banks manage their credit programmes, launch co-branded credit cards as well as handle rewards and loyalty programmes. Online merchants can also provide embedded credit offerings to users through this platform.
“We will take the complexity out of a new credit program launch. Beyond a pureplay TSP role, Pine Labs will be a partner to our customers in conceptualising, building, and operating their credit and processing programmes,” Amrish Rau, CEO of Pine Labs, said.
Credit+ has received certification from both Mastercard and Visa and plans are underway to include American Express (Amex), RuPay and other domestic schemes soon.
“This foray into credit builds on our market leadership in both prepaid and gift cards (Qwikcilver), and embedded financial services (Setu),” Rao said.
“This launch of Credit+ sets the foundation for processing services for over 90 Mn cards, across customers in 20+ countries in South and Southeast Asia, the Middle East and Africa…,” Rao added.
Pine Labs is set to open its new office in Pune, while investing in Credit+.
Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay,
Pine Labs provides financing and transaction technology to merchants with its point of sale (POS) machines.
The startup is on an expansion spree. Earlier this year, the fintech unicorn launched Dukaan Studio, to help Kirana business owners modernise their stores.
It acquired the enterprise platform of Bengaluru-based Saluto Wellness to boost its issuing business under the Qwikcilver brand for an undisclosed amount. Last year, it also acquired Bengaluru-based fintech infrastructure startup Setu in a $70 Mn-$75 Mn deal to strengthen its offerings.
Pine Labs’ revenue from operations jumped 1.4X in the financial year 2021-22 (FY22) to INR 1,017 Cr from INR 726.1 Cr in FY21 on rise in its digital payments and gifting solutions businesses.
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