pine labs: Pine Labs launches new credit issuing stack for businesses

israel: Israel's judicial proposals prompt startups to relocate: government agency

In a blogpost on Wednesday, digital payments infrastructure provider Pine Labs said it has launched a new platform called Credit+, which is a credit issuance stack for banks, fintechs and large merchants.

Pine Labs, which has looked to diversify from offline payments, will use the new stack to provide fintechs and banks the ability to manage credit programmes, launch co-branded credit cards, help with rewards and loyalty management, as well as provide online merchants the ability to provide embedded credit offerings to users.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
IIM Lucknow IIML Executive Programme in FinTech, Banking & Applied Risk Management Visit
MIT MIT Technology Leadership and Innovation Visit
IIM Kozhikode IIMK Senior Management Programme Visit

Currently, Credit+ has partnered with Mastercard and Visa, as it looks to launch other card network providers such as Amex and RuPay.

Getting RuPay is critical for card infrastructure providers, especially on the issuance side, as it allows fintechs to provide credit on the Unified Payments Interface (UPI).

“This foray into credit builds on our market leadership in both prepaid gift cards (Qwikcilver), and embedded financial services (Setu),” Amrish Rau, chief executive officer, Pine Labs, wrote on the company blog.

Qwikcilver and Setu are two major acquisitions made by Pine Labs in 2019 and 2022, respectively.

Discover the stories of your interest

Increased interest in credit management startups

ET had earlier reported that with the proliferation of credit, several fintech infrastructure startups, such as card management platform 42 Card Solutions, banking service platform Falcon and credit and treasury management firm, Knight Fintech, were also in the market to raise their next round of funding.These platforms are gaining investor interest as smaller banks try to digitise their infrastructure.

Even Perfios, which has raised $229 million in a mix of primary and secondary capital this year, provides solutions to financial institutions helping them manage credit products.

Diversifying revenue lines and expansion

Pine Labs’ strategy to diversify its revenue lines has led it to ensure that less than 50% of its revenue comes from the offline point-of-sale (PoS) business, Rau told ET earlier. The PoS business contributed to a majority of Pine Labs’ revenues until a few years back.

Gift card issuances, instalment payment services, and payment gateway business are other strong revenue lines.

Pine Labs, which has made at least five to six acquisitions across 2021 and 2022, has been focusing on international expansion across West Asia, US and Europe.

The fintech is planning to take its gift card issuing service, payments instalment stack, and services around QR code payments immediately to the US and European geographies.

Pine Labs currently operates in five Southeast Asian countries and recently launched operations in the UAE.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

Source link

Online Company Registration in India

Leave a Reply

Your email address will not be published. Required fields are marked *