Pine Labs acquires Mumbai-based online payments startup Qfix

Representative image.

Pine Labs, one of the leading merchant commerce platforms, announced on February 8 that it has acquired Mumbai-based online payments start-up Qfix Infocomm.

Qfix is a cloud-based end-to-end platform that delivers online integrated payments and billing services to multiple sectors.

The terms of the deal have not been disclosed.

The Qfix platform has more than 5,000 merchants at present, including educational institutions, governments, and clubs, and HDFC Bank is their lead distribution partner, Pine Labs said in a media release.

Speaking about the acquisition, Amrish Rau, CEO, Pine Labs, said: “Delighted to welcome the Qfix team…. Qfix’s innovations through their smart invoicing and workflow management and billing tools would help offer a complete merchant payments and commerce platform through Plural.”

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Venugopal Choudhary, MD, Qfix Infocomm Pvt Ltd, said: “We are thrilled to partner Pine Labs…. I am confident this acquisition will further accelerate our growth momentum and help us serve the needs of multiple sectors requiring curated and innovative online payment solutions and commerce solutions that are secure, seamless, and speedier when it comes to execution.”

Notably, in October 2021, Pine Labs had announced its foray into the online payments space with the launch of Plural and three products under it -Plural Gateway, Plural Checkout, and Plural Console.