Digital payments firm Pine Labs has become the first payment aggregator in India to obtain all three key payment licences from the Reserve Bank of India (RBI), covering offline, online, and cross-border payment processing. The development marks a major regulatory milestone for the company, according to a report by The Economic Times.
Full Suite of RBI Approvals
With these approvals, Pine Labs can now handle a full range of merchant transactions across domestic and international markets. The licences were granted under the RBI’s revised payment aggregator guidelines, issued on September 15, 2025, aimed at enhancing security and transparency across India’s payments infrastructure.
Business Expansion and Digital Capabilities
Founded in 1998 as an offline payment processor, Pine Labs has evolved into a comprehensive digital payments platform, serving both retail and enterprise customers. The company expanded into online payments through Pine Labs Online in 2020–21 and further strengthened its fintech capabilities with the acquisition of Setu in FY23, gaining access to advanced API-based financial infrastructure for developers and businesses.
IPO and Market Positioning
The regulatory clearances come shortly after Pine Labs raised ₹3,900 crore through its IPO, which closed on November 11, 2025. The issue included a mix of fresh equity shares and an offer for sale by existing investors.
The company’s expected valuation of $2.9 billion is lower than its previous private market valuation of $5 billion. However, securing all three RBI licences is seen as a major compliance and credibility milestone, strengthening Pine Labs’ position in the competitive fintech landscape ahead of its public listing.
Summary
With approvals for offline, online, and cross-border payment processing, Pine Labs becomes the first fully licensed payment aggregator in India, reinforcing its regulatory standing and enabling wider digital and international payment services.
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