Pine Labs acquires fintech startup Qfix Infocomm

With the acquisition of Qfix Infocomm, a Mumbai-based online payments business, for an undisclosed sum, fintech unicorn Pine Labs, which is preparing to list on the New York Stock Exchange, continues its inorganic approach.

Pine Labs has added another company to its range of services, following the acquisitions of Singapore-based Fave and QwikCilver Solutions.

Qfix, which was founded in 2015, offers online integrated payments and billing services to a variety of industries and currently has over 50 merchants on its platform, including educational institutions, governments, and clubs. Its primary distribution partner is HDFC Bank.

In a transaction worth more than $45 million, Pine Labs bought gift card technology business Qwikcilver in March 2019 and Fave, a loyalty programme and QR code startup, in April 2021.

Pine Labs’ main markets are India and Southeast Asia. Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard are among the investors in the venture.

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