Indian merchant commerce platform Pine Labs has raised US$50 million from Vitruvian Partners, a London-headquartered international investment firm. With this newly secured investment, Pine Labs will continue to expand its BNPL offering in the Southeast Asia region.

In 2018, Migrante got the idea for the e-commerce and lending company to provide durable goods, like cars, motorbikes and mobile phones, for gig workers in the Andes region. The company decided to develop secured loans for products that enable borrowers to improve their income, like motorcycles, cars and trucks, and unlike their competitors providing used vehicles, Migrante offers new vehicles.