Pine Labs launches new credit issuing stack for businesses

Digital payments infrastructure provider Pine Labs said it has launched a new credit issuance platform called Credit+, targeting banks, fintechs and large merchants.

The new platform from Pine Labs, which is diversifying operations from offline payments, will help fintechs and banks manage credit programmes, launch co-branded credit cards and in rewards and loyalty management. It will also provide online merchants the ability to provide embedded credit offerings to users.

Credit+ has already partnered with Mastercard and Visa, and is looking to tie up with other card network providers such as Amex and RuPay.


Getting RuPay is critical for card infrastructure providers, especially on the issuance side, as it allows fintechs to provide credit on the Unified Payments Interface (UPI) rails.

“This foray into credit builds on our market leadership in both prepaid and gift cards (through Qwikcilver), and embedded financial services (through Setu),” Pine Labs chief executive Amrish Rau wrote on the company blog.


Qwikcilver and Setu are two companies acquired by Pine Labs in 2019 and 2022, respectively.

The company is launching the new platform at a time when credit management startups are gaining investor interest, amid growing demand from small banks to digitise their infrastructure.

ET had reported that several fintech infrastructure startups, such as card management platform 42 Card Solutions, banking service platform Falcon and credit and treasury management firm Knight Fintech, were in the market to raise their next round of funding. Perfios, which provides solutions to financial institutions helping them manage credit products, had raised $229 million in a mix of primary and secondary capital this year.

Diversifying revenue

Pine Labs’ strategy to diversify its revenue lines has helped it to ensure that less than 50% of its revenue comes from the offline point-of-sale (PoS) business, Rau told ET earlier. The PoS business contributed to a majority of Pine Labs’ revenue until a few years back.

Gift card issuances, instalment payment services and payment gateway business are other strong revenue lines.

Pine Labs, which has made at least five to six acquisitions during 2021 and 2022, has been focusing on international expansion in West Asia, the US and Europe.

The fintech is planning to take its gift card issuing service, payments instalment stack and services around QR code payments immediately to the US and European geographies.

Pine Labs currently operates in five Southeast Asian countries and recently launched operations in the UAE.