Fintech unicorn Pine Labs said it has acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness Pvt Ltd. This acquisition will boost the capabilities of Pine Labs’ Issuing Business under the Qwikcilver brand. This would help it strengthen its offerings across employee rewards and recognition, customer loyalty programmes, and channel partner programmes for medium and large enterprises. The terms of the deal were not disclosed.
Pine Labs has a leading presence in India in prepaid, stored value, and gift card solutions through its 2019 acquisition of Qwikcilver, whicj merged with Pine Labs last September. Siva Kumar and Anoop Nambiar in 2017 co-founded Saluto Wellness.
“Their solution, integrated with our offerings, will help us deliver more programmes to our existing enterprise clients, resulting in larger and more long-term engagements,” said Kumar Sudarsan, President, Issuing Business, Pine
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