Indian fintech startup Pine Labs is going public at a valuation of $5.5 billion to $7 billion

Pine Labs, an Indian fintech startup that provides financing and last-mile retail transaction technology to merchants, has confidentially filed for U.S. initial public offering (IPO) to raise about $500 million, according to a report from Bloomberg.

The 22-year-old startup offers cloud-based POS payment solutions that allow merchants to accept credit cards, debit cards, e-wallets, and QR codes as payment methods. The listing could give the Temasek and Mastercard-backed startup a valuation of about $5.5 billion to $7 billion, according to Bloomberg, citing people familiar with the matter.

Pine Labs was originally founded in 1998 by Rajul Garg and Tarun Upadhyay to provide retail automation solutions to petroleum companies. Today, the fintech giant creates 360-degree solutions that enable any business of any size to take the lead. Businesses of all sizes use Pine software and APIs to accept payments, manage operations and become future-proof.

Just last week, India’s top lender State Bank of India made a $20 million investment in Pine Labs. Pine Labs raised $600 million last year, valuing it at $3.5 billion. Since its inception 24 years ago, Pine Labs has raised a total of $858.4M in funding over 11 rounds.

Goldman Sachs and Morgan Stanley are the lead bankers on the IPO, Bloomberg reported, adding that IPO details such as the size and timing could still change.