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September 23, 2022
New Delhi, September 23, 2022 - Leading merchant commerce omnichannel platform, Pine Labs today announced the completion of the merger of Qwikcilver Solutions. With this development, the business of Qwikcilver Solutions Private Limited gets consolidated into a single legal entity i.e., Pine Labs Private Limited.
All the existing products, solutions, platforms, and programs by Qwikcilver will continue to operate seamlessly with no impact on users. Going forward, all co-branded Prepaid Payment Instruments (PPIs) under Qwikcilver brand name will be issued by Pine Labs under the brand name of Qwikcilver.
Commenting on the announcement, Kumar Sudarsan, President, Issuing Business, Pine Labs, said “Qwikcilver and Pine Labs have established strong business synergies post the 2019 acquisition. The formal merger now will strengthen the association further and will usher in a new era of innovation and growth for our issuing business in India and our focused international markets. We will continue to wow our customers with our industry-leading solutions on prepaid issuing for enterprises including gift card, rewards, incentives, and several other stored value programs."
Brand Qwikcilver offers a fully integrated digital platform and solution for issuance, acceptance, and distribution of prepaid, stored value, and gift cards. It serves leading global airlines, e-commerce platforms, retail establishments, large corporates, hospitality, and healthcare industry, to name a few.
Pine Labs is a leading merchant commerce omnichannel platform operating across India and Southeast Asia. Pine Labs' tech-first approach to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale. In digital payments, our online payments cloud-based software Plural represents a one-stop payments destination across channels. Plural is designed to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up. In issuing, Qwikcilver serves leading corporates, Fast-Moving Consumer Goods (FMCG) brands, e-commerce companies, the Banking, Financial Services and Insurance (BFSI) sector and the airlines industry, with a presence across India, the Middle East, Southeast Asia and Australia. Qwikcilver is a go-to prepaid, stored value and gift card provider among companies looking to, among other things, bolster their sales, acquire and retain customers and drive operational efficiencies. In consumer app, Fave is a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way. Incorporated in Singapore, the key investors of Pine Labs include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.