New Delhi, Jan 4 (IANS): Leading merchant commerce platform Pine Labs on Tuesday announced that it has received new investment of $20 million from the State Bank of India (SBI).

Earlier in 2021, Pine Labs had raised a total round size of $600 million from a marquee set of new investors and followed it up with a $100 million fundraise from US-based Invesco Developing Markets Fund.

"We are thrilled to have the largest bank of India, the State Bank of India, place their trust in us and welcome them in this journey where we are empowering merchants with seamless and secure payment experiences across offline and online platforms," B. Amrish Rau, CEO, Pine Labs, said in a statement.

"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," Rau added.

Pine Labs also said it is now looking to invest in scaling Plural, its newly launched brand of online payment products and emerge as an omnichannel partner of choice for merchants.

Pine Labs is also expanding its Buy Now Pay Later business across India and Southeast Asia.