“Can India's leading in-store payments company become the embedded finance and credit infrastructure layer for merchants across Asia?”
Founded in 1998 as a petroleum retail automation business, Pine Labs pivoted in 2004 to merchant payments with Android-based POS terminals, becoming the dominant in-store payments player in India. The 2019 Qwikcilver acquisition extended the franchise into prepaid/gift card issuance, and the company has since layered online payments (Plural), embedded credit on UPI, and fintech infrastructure APIs (issuance, KYC, account aggregator) for banks and NBFCs. The 2025 IPO at a haircut to its 2022 private valuation reframes Pine Labs from a domestic POS leader into a pan-Asia merchant-commerce and embedded-finance infrastructure provider.
Pine Labs processes payments through Pine Labs POS (self-operated), Plural by Pine Labs (self-operated payment gateway) and Pine Labs Online (self-operated).
Pine Labs's cards are issued through Pine Labs / Qwikcilver (self-operated prepaid issuance).
Pine Labs's lending and capital products are provided by Pine Labs Lending (in-house).
Pine Labs connects to bank accounts through Pine Labs Account Aggregator Gateway (self-operated, RBI AA framework).
Pine Labs uses Pine Labs Online (self-operated DCC/MCC) for FX and cross-border payouts.
Pine Labs integrates with Zoho Expense.
The Embedded Finance Index 2026 maps 7 layers in Pine Labs's stack: Payments / PSP (Pine Labs POS (self-operated), Plural by Pine Labs (self-operated payment gateway) and Pine Labs Online (self-operated)); Card issuing (Pine Labs / Qwikcilver (self-operated prepaid issuance)); Lending (Pine Labs Lending (in-house), Pine Labs Lending (merchant lending, per Privacy Policy), Credit Line on UPI and BNPL / Pay Later (via partner BNPL issuers, OTP-based eligibility)); Open banking (Pine Labs Account Aggregator Gateway (self-operated, RBI AA framework)); FX & payouts (Pine Labs Online (self-operated DCC/MCC)); Accounting (Zoho Expense); Spend / AP (Zoho Expense (integration partner)).
Pine Labs was founded by Lokvir Kapoor and Rajul Garg and is founded in 1998, headquartered in Noida, Uttar Pradesh, India (corporate); Gurgaon, Haryana, India (registered).
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