CRED’s Kunal Shah joins the board of Pine Labs

By: |
August 10, 2021 12:52 PM

Shah has been an advisor to the board of Bennett Coleman & Co. Ltd (Times of India) and an advisor to Sequoia Capital India

Before CRED, Shah founded FreechargeBefore CRED, Shah founded Freecharge

Merchant commerce platform Pine Labs on Tuesday announced the appointment of Kunal Shah, founder, CRED, to the company’s board. “Kunal joins a marquee set of investors, advisors, and other visionary board members who are all committed to take Pine Labs to newer heights. Kunal’s deep understanding of the consumer business will be invaluable to us as we explore new opportunities and step into our next phase of growth,” B. Amrish Rau, CEO, Pine Labs, said.

Shah is an entrepreneur and an investor. CRED, which he founded in 2018, is a community of individuals, financial institutions, and brands. He has nearly 100 investments across financial services, consumer, and technology. “An ardent believer in the role of financial well-being in driving progress, Kunal actively promotes and participates in financial literacy, wealth-creation, and female workforce participation initiatives in India and around the world,” the company said in an official statement. He has been an advisor to the board of Bennett Coleman & Co. Ltd (Times of India), the chairman of the Internet and Mobile Association of India and an advisor to Sequoia Capital India. Before CRED, Shah founded Freecharge.

“The pandemic has catalysed behaviour change among consumers, merchants, and institutions that will drive the fintech sector. Shaping this transformation for the benefit of all stakeholders is a collective responsibility. Pine Labs is a player in digital payments adoption and joining its board is an opportunity to contribute to the ecosystem,” Kunal Shah, founder, CRED, stated.

Pine Labs’ cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently operational in 35 cities across Malaysia, Singapore, and Indonesia and will soon be launching in India. Incorporated in Singapore, Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.

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