The Singapore-based startup, which offers solutions for in-store and online payments as well as prepaid, loyalty, and “pay later” programmes, is valued at US$3 billion, chief executive officer Amrish Rau said. Investors participating in the round included a fund advised by Neuberger Berman Group and India’s IIFL Finance and Kotak Funds.

Banks and merchants pay monthly fees for using Pine Lab’s software as a service, with the startup also receiving micro-fees on every transaction. Payment services are gaining popularity in Asia as smartphones become more widespread, benefiting providers such as Pine Labs.

“It’s a product from India that’s succeeded in Malaysia and Singapore and is entering Indonesia and Thailand,” Mr. Rau said in an interview via video call. “We’ve got a good Ebitda-positive story as we plan our IPO in the next 18 months.

The company runs a prepaid gifting platform called QwikCliver in India, South-east Asia, Middle East, Europe, and Australia.

Its customers include Apple, Starbucks, and McDonald’s, with Sequoia Capital, Temasek Holdings, PayPal Holdings, and MasterCard among its backers.

India’s fintech industry is growing at about 50 percent annual rate and South-east Asia is following closely behind, Mr. Rau said. Pine Labs is growing at about a 60 percent annual clip as stores expand their payment options.

“A growing number of merchants in Asia want to create faster and more interesting checkout experiences,” Mr. Rau said. “They want solutions that help them compete with large online companies.”

The startup acquired pay-and-save app Fave in April for US445 million. That app now has six million users and more than 40,000 merchants.