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February 08, 2022
New Delhi, 8 February, 2022 - Leading merchant commerce platform, Pine Labs today announced that it has acquired Mumbai-based Qfix Infocomm Pvt. Ltd., an online payments startup.
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. The company solves for billing and invoices issues and has created robust workflow management solutions for these merchants. HDFC Bank is their lead distribution partner today.
“We are thrilled to partner Pine Labs, one of the leading fintech companies in India and Southeast Asia. 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,” said Venugopal Choudhary, MD, Qfix Infocomm Pvt. Ltd.
Commenting on the announcement, Amrish Rau, CEO, Pine Labs, said “Delighted to welcome the Qfix team. 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. 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.”
In October 2021, Pine Labs had announced its foray in the online payments space with the launch of Plural and under it three key products: Plural Gateway, Plural Checkout, and Plural Console.
Terms of the deal were not disclosed.
An embedded fintech start-up focused on enabling industry segment specific innovative and curated digital payments and commerce experience for merchants, consumers and communities, Qfix focuses on identifying and creating communities with common needs and enabling large-scale commerce within those communities on a single platform. Its education platform is used by over 5,000 education institutes ranging from K12 to large professional colleges and institutes spread across India. Qfix enables easy fee management, fee collection, reconciliation, easy communication, embedded online marketplace with students along with a host of other value-added services for these educational institutes. It has also launched a pilot offline-to-online and community marketplace solutions with API plug-ins, which can be used across multiple merchant segments like, among others, educational institutes, residential societies, online ERP players, and clubs as a turnkey solution to plug-in and launch their own online stores and marketplaces with shopping cart for a standalone as well as a cluster of merchants. To know more, please visit www.qfixinfo.com.
A leading merchant commerce platform, Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia. The company's leading cloud-based software platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently available in Singapore, Malaysia and Indonesia with a planned roll-out in India in the near term. Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.