Indian digital payments and financial service provider Pine Labs has acquired Qfix Infocomm to bolster its play in the online payments gateway segment. The deal will also allow Pine Labs to further improve business software tools offerings including online invoicing and workflow management to new-age direct-to-consumer (D2C) brands.
The company didn’t disclose the terms of the deal.
In October 2021, Pine Labs announced its foray in the online payments space with the launch of Plural and its three key products: Plural Gateway, Plural Checkout, and Plural Console.
Mumbai-based Qfix is a cloud-based end-to-end platform delivering online integrated payments and billing services to multiple sectors.
More than 5,000 merchants are presently on the Qfix platform including educational institutions, governments, and clubs.
Qfix claims that it solves billing and invoices issues and has created “robust workflow management solutions” for these merchants. HDFC Bank is their lead distribution partner today.
“We are quite upbeat about the potential of this promising platform and impressed with what they have already achieved in a short span of time. As businesses look at ways to improve efficiency, everyday processes between suppliers and customers need an overhaul too,” said Pine Labs CEO Amrish Rau in a statement. “Qfix’s innovations through their smart invoicing and workflow management and billing tools would help offer a complete merchant payments and commerce platform through Plural.”
Qfix MD Venugopal Choudhary said: “I am confident this acquisition will further accelerate our growth momentum and help us serve to the needs of multiple sectors requiring curated and innovative online payment solutions and commerce solutions that are secure, seamless, and speedier when it comes to execution.”
Pine Labs has been on an acquisition spree since 2019 to expand its offerings. Last year it acquired Kuala Lumpur-based payments and discovery platform Fave in an all-cash deal worth $45 million to enter the consumer payments space in India.
In March 2019 Pine Labs acquired gift card technology startup Qwikcilver for $110 million.
According to media reports, Pine Labs is in advanced discussions to acquire API-based infra company Setu in a cash-and-equity deal worth $70-100 million.
Earlier this year, the company filed for a “confidential” IPO worth $500 million with the US Securities and Exchange Commission. Bloomberg News reported that the Temasek and Mastercard-backed company’s listing could give it a valuation of about $5.5 billion to $7 billion.