Amrish Rau, former PayU India Head, has been appointed as the Chief Executive of Pine Labs, a Singapore and Noida-based point-of-sale-provider and merchant commerce platform.
This announcement comes at the heels of the exit of Vicky Bindra, who had been Pine Labs’ Chief Executive since May 2018. Bindra, who has previously worked with Visa and Mastercard, will be moving back to San Francisco and continue to advise the company in “supporting strategic initiatives.”
“With Amrish’s ability to innovate, seek out options with channels and customers we believe Pine Labs can be a true global commerce platform,” said Lokvir Kapoor, Executive Chairman, Pine Labs.
Rau’s appointment comes at a time when Mastercard is investing in Pine Labs as a part of a $300 Mn financing round which was valued at $1.5-$1.7 Bn. Moreover, talks about an initial public offering are underway for Pine Labs.
He had also been in discussions with Sequoia Capital for a $10-$12 Mn funding round for a startup in the retail segment.
Rau resigned from PayU India last month where he led the team for about two-and-a-half years. Prior to joining PayU as its Chief Executive, Rau sold CitrusPay, a venture he co-founded with Jitendra Gupta and Satyen Kothari, for $130 Mn, to the Naspers-owned fintech major in 2016.
At PayU, Rau helped steer the company from being a payment gateway into newer areas such as consumer credit while also making a string of strategic investments and acquisitions.
Rau’s appointment at the helm of Pine Labs would be instrumental in guiding the company towards innovation and creative strategic partnerships going forward in the digital age.