Pine Labs eyes Wirecard unit

Stock Market

Pine Labs, the Indian funds firm backed by Sequoia Capital and Mastercard Inc., is contemplating a bid for fallen fintech star Wirecard AG’s companies in Southeast Asia and India, in accordance with folks conversant in the matter.

A possible bid continues to be at an exploratory stage, as there’s no data accessible but on the valuation and funds of Wirecard’s Asian operations, stated the folks, who requested to not be recognized as the data is confidential. There’s no certainty that Pine Labs will proceed with a proper bid, the folks added.

Pine Labs is probably keen on Wirecard’s regional point-of-sale enterprise, which handles retailers’ funds transactions, one of many folks stated. That is Pine Labs’ core enterprise in India, and any acquisition of Wirecard property would permit it to develop these operations additional in Southeast Asia, the individual added.

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