How Pine Labs Shifted Gears: From PoS Devices To An AI-Powered Fintech Stack

by · Inc42

SUMMARY

  • Pine Labs has expanded beyond payment terminals into checkout, cards, rewards and banking infrastructure, creating multiple revenue streams from the same merchant and financial institution relationships
  • The fintech turned profitable in FY26 as revenue grew faster than indirect costs, but Q1 FY27 showed this remains a work in progress as margins came under pressure
  • With its AI-centric solutions and cross-border payments business gaining ground, Pine Labs is showing that diversification can deliver profits even without rampant spending
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In 1998, the newly incorporated Pine Labs was helping petrol pumps accept payments and manage loyalty programmes. Nearly three decades later, Pine Labs is a listed company that has expanded well beyond payments into online checkout, consumer financing, gift cards, card issuing and banking infrastructure

By Q1 FY27, the fintech was serving 11.5 Lakh+ merchants, alongside brands and financial institutions, across India, Southeast Asia and the Middle East. A string of acquisitions helped Pine Labs build out this expanding fintech stack.

While Qwikcilver added gift cards, Fave brought consumer rewards, Mosambee strengthened merchant acceptance, and Qfix and Shopflo expanded online payments and checkout. Similarly, Setu added fintech infrastructure, while Credit+ and Saluto brought issuing and enterprise rewards capabilities.