Pine Labs, an online payments platform, today announced a new round of financing with participation from institutional investors such as Fidelity Investment Group and BlackRock.

The funding round exceeds $600 million. However, it is still pending the approval of the Securities and Exchange Commission of India. If approved by the Securities and Exchange Commission of India, Pine Labs will be valued at more than $3 billion. The company is currently backed by institutional investors such as Sequoia Capital, Temasek Holdings, PayPal, and Mastercard.

Company executives told the media that it plans to conduct a public offering (IPO) within the next 18 months, with a greater possibility of a U.S. IPO.

Pine Labs is a retail POS (point of sale) solution provider currently focusing on digital payment methods, including e-wallets.

The company's services for retailers and SMEs are focused on user data analytics, transaction details, and lending services. Its partners include major corporations such as Nike, McDonald's, KFC, and Apple.

Pine Labs provides SaaS services (software as a service) to banks and merchants for a monthly fee, takes a small commission from each transaction, and is now EBITDA (earnings before taxes, interest, depreciation, and amortization) profitable.

Payment services are becoming increasingly popular in Southeast Asia as smartphones become more popular, benefiting providers like Pine Labs. The company has already achieved success in Malaysia and Singapore and is entering the markets of Indonesia and Thailand.

PayLater, owned by Pine Labs, reaches 100 million customers in India, Singapore, and Malaysia. PayLater allows users to purchase products through installment payments.

Pine Labs also operates a prepaid gift card platform called QwikCilver in India, Southeast Asia, the Middle East, Europe, and Australia.