Pine Labs on Tuesday announced a new investment of $20 million from State Bank of India (SBI). The initial public offering (IPO)-bound fintech company aims to invest in scaling Plural, its newly-launched brand of online payment products.

In 2021, Pine Labs raised $600 million and followed it up with a $100-million fundraise from US-based Invesco Developing Markets Fund.

“…In the last one year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI,” said B. Amrish Rau, chief executive officer CEO of Pine Labs.

Pine Labs is also expanding its Buy Now Pay Later (BNPL) business across India and Southeast Asia, it said in a release. The company entered consumer payment space with its April 2021 acquisition of Fave, and has a significant presence in the gift, prepaid and stored value segment through its 2019 acquisition of Qwikcilver.