Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 4 companies across 1 category.
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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.
Other PSP providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.
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<img src="https://www.embeddedfinanceindex.com/api/badge/pine-labs/install" width="1" height="1" alt="" style="display:none">4 companies are linked to Pine Labs in the Embedded Finance Index 2026, through their own public disclosures or Pine Labs's published customer list, including Zenoti, Woohoo, Zerodha and Payrails.
Pine Labs is an embedded-finance provider in PSP. It ranks #102 of 528 PSP providers by linked companies.
The most-named PSP alternatives to Pine Labs are Stripe (783 buyers), Adyen (317 buyers), PayPal (153 buyers), Checkout.com (114 buyers), Worldpay (89 buyers) and Mollie (63 buyers).
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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