Pine Labs

Timeline

1. 1998Lokvir Kapoor and Rajul Garg found the company to provide retail automation software to petroleum companies.Its first market was fuel retailing, not payments
2. 2004The company moves into mainstream payments and begins selling card acceptance terminals to retail merchants.
3. 2009Sequoia Capital invests about 1 million dollars for a large minority stake, which it holds for more than a decade.
4. 2016Demonetisation doubles transaction volumes on the network within months, from about 500,000 a day to about 1.1 million a day.
5. 2017The network reaches more than 70,000 retailers and about 250,000 merchant touch points, carrying roughly 15 billion dollars of transactions a year.
6. Mar 2018Actis and Altimeter Capital put in about 82 million dollars, or roughly 530 crore rupees, at a valuation of close to 900 million dollars.
7. May 2018Temasek and PayPal invest 125 million dollars, taking the company past a billion dollar valuation.
8. Mar 2019The company agrees to buy gift card business Qwikcilver for about 110 million dollars.
9. Jul 2020Amrish Rau, formerly of First Data, Citrus Pay and PayU, becomes chief executive officer.
10. Dec 2020Lone Pine Capital leads a round of 75 to 100 million dollars at a valuation reported at more than 2 billion dollars.
11. Apr 2021The company acquires Fave, a Southeast Asian deals and cashback platform, for about 45 million dollars.
12. Jul 2021Fidelity and BlackRock funds lead the last private round, which closes at about 600 million dollars and a valuation of 3.5 billion dollars.
13. Aug 2021A data breach exposes records covering about 500,000 users.
14. Jan 2022It files confidentially with the United States Securities and Exchange Commission for a listing that was expected to raise about 500 million dollars.The valuation discussed at the time was 5.5 to 7 billion dollars
15. Apr 2022Pine Labs takes a majority stake in Mosambee and buys the payment infrastructure startup Setu in a deal reported at 70 to 75 million dollars.
16. Nov 2023US investor Neuberger Berman marks its holding down, the first of several valuation cuts by outside shareholders.
17. May 2024A Singapore court approves the merger of the Singapore and Indian entities, clearing the way for the company to move its domicile back to India.
18. Aug 2024The National Company Law Tribunal approves the same merger on the Indian side.
19. Jun 2025Pine Labs files its draft red herring prospectus with the market regulator for an Indian listing of about 2,600 crore rupees.
20. Nov 7 2025The initial public offering opens at a price band of 210 to 221 rupees a share, with the fresh issue pared to 2,080 crore rupees.
21. Nov 14 2025The shares list at a premium and close 14 per cent above the issue price, valuing the company at about 28,937 crore rupees.
22. Dec 2025The company reports a second quarter profit of 5.97 crore rupees against a loss a year earlier, and says artificial intelligence now writes about 18 per cent of its code.
23. Feb 2026Pine Labs wins multi-year contracts from Indian Oil, BPCL and HPCL for payment infrastructure at fuel retail outlets, covering nearly 130,000 devices.
24. Mar 2026The company says it will launch a stablecoin-backed prepaid card in nine countries outside India.Not planned for India or China
25. Mar 2026The Reserve Bank of India fines Pine Labs 3.10 lakh rupees for issuing prepaid instruments without completing full customer verification.
26. Apr 2026It acquires the online checkout platform Shopflo for 88 crore rupees to deepen its direct to consumer business.
27. May 2026The six month IPO lock-in ends and the shares trade about 31 per cent below the listing price at one point.
28. Jun 2026For the quarter ended March 2026 the company reports a profit of 59.36 crore rupees on revenue of 700.51 crore rupees.
29. Jul 2026First quarter revenue rises nearly 20 per cent to 736.92 crore rupees and profit jumps fourfold to 19.57 crore rupees.
30. Sep 2026Jayaram Karthik, previously at Razorpay, joins as chief operations officer.
31. Oct 2026The company signs six banks and non-bank lenders for SignalIQ, an artificial intelligence tool that reads bank statements for credit underwriting.

What it does

Pine Labs is a merchant payments company. It puts card and mobile payment devices into shops, connects those devices to banks and payment networks, and then sells software and financial products on top of the connection. Its terminals sit at checkout counters of large chains, at small standalone stores, at fuel stations and inside enterprise offices.^[1]

The business is best described as three layers stacked on one another. The bottom layer is acceptance: the terminal or the phone application that lets a merchant take a card, a QR code or a wallet payment. The middle layer is software: billing, inventory, loyalty, gift cards and the dashboard a merchant uses to see the day's sales. The top layer is money: pay later instalments, merchant advances, corporate cards and, since 2026, credit underwriting powered by transaction data.^[1][12]

On the company's own description, it serves in-store and online payments, value added services, affordability solutions, payment infrastructure, and card issuing and acquiring. In practice that means a merchant can be signed up for a terminal, moved onto the company's online gateway, offered an instalment plan for customers and given a gift card programme without leaving the same vendor.^[12]

Scale comes from the breadth of merchants rather than from any single large client. The company built its business through contracts with banks and payment aggregators, which put its terminals at counters they already served, and it sold the same merchant a growing list of services afterwards. By the time of its listing in 2025 it described itself as serving merchants in India, the Middle East and Southeast Asia.^[3][8]

How it makes money

Pine Labs earns a fee on payments it processes and a subscription or licence fee on the software it provides. It takes a cut of each transaction and a share of revenue from the services merchants buy on top of acceptance, which is why its revenue grows with merchant spending rather than with the number of devices alone.^[3]

The mix has been shifting deliberately toward software. On an earnings call in December 2025 the management said the company was moving away from deals that included hardware and toward capital light software and platform contracts, where revenue arrives as software rather than as the sale of a machine.^[12]

Gift cards and prepaid instruments are a larger part of the profit story than most observers assume. The Qwikcilver business acquired in 2019 made Pine Labs one of the largest managers of brand gift card programmes in India, and the way those instruments are regulated and monetised moves the company's numbers.^[1]

Affordability products are the third stream. Pine Labs runs instalment offers at the point of sale, and it has reported strong demand for pay later in smaller towns, where a customer buying a two wheeler or a refrigerator uses a card linked instalment plan instead of a loan.^[1][8]

The company has been operationally profitable for years, a rarity among the Indian fintechs of its generation, but it only turned a consolidated net profit after tax in the quarters after listing. For the financial year 2025 it reported revenue of 2,274 crore rupees and a net loss of about 145 crore rupees.^[11]

History

Pine Labs was founded in 1998 by Lokvir Kapoor and Rajul Garg as a retail automation business for petroleum companies. Its first customers were fuel retailers who needed to record sales and control inventory, and the company built software and controllers for that market before it ever touched a card payment.^[1]

The move into payments came in 2004, when the company began selling point of sale terminals to mainstream retail merchants. That decision shaped everything that followed: the petroleum background gave it relationships with large, distributed retail networks, and the payments business gave it a share of every transaction those networks processed.^[1]

Sequoia Capital invested about a million dollars in 2009 and became the company's largest shareholder for more than a decade, and it was still described as the largest shareholder in 2018 when the next set of investors came in. Through the 2010s the company expanded from terminals into the software a merchant needs around acceptance: billing applications, loyalty programmes, gift cards and analytics.^[3]

Demonetisation in November 2016 was the turning point in visibility. Transaction volume on the network almost doubled within months, from roughly 500,000 a day to about 1.1 million a day, as card acceptance spread from large chains to neighbourhood shops. Revenue reported to the Ministry of Corporate Affairs rose from 122 crore rupees in the financial year 2016 to 195 crore rupees in 2017.^[3]

From 2018 the company began to look outside India. It opened an office in Dubai, started business in Malaysia and said it planned to expand into Vietnam, the Philippines and Thailand. In 2021 it moved part of its corporate structure to Singapore, and in 2024 it reversed that move, when a Singapore court and then the National Company Law Tribunal approved the merger of the Singapore and Indian entities so that the company could be domiciled in India again.^[3][9]

The decade closed with a listing that took four years to arrive. Pine Labs filed confidentially with the United States regulator in January 2022 for an offering of about 500 million dollars, then paused while the market for new listings froze, redomiciled to India, filed a draft prospectus with the Indian regulator in June 2025, and finally listed in Mumbai in November 2025.^[1][6][10]

Founders and leadership

Lokvir Kapoor is the co-founder who ran the company through almost all of its private life. He was chief executive when Actis and Altimeter invested in 2018 and when the company planned its first international expansion, and he continued as co-founder and chairman after handing over the executive role.^[3]

Amrish Rau became chief executive officer in July 2020 and is the public face of the company's listed era. He came from the payments industry, having earlier led First Data in India and worked with Citrus Pay and PayU. He is the person quoted on most of the company's strategic decisions, including the decision to trim the size of the initial public offering, the move away from hardware contracts and the expansion into lending.^[10][11][12]

The operating bench has been rebuilt for a listed company. Vicky Bindra, a former Visa and PayPal executive, was brought in as chief executive in 2018 before Rau took over. Kush Mehra, the chief business officer, has been the executive most associated with the Android terminal rollout and the merchant software strategy. In September 2026 the company appointed Jayaram Karthik, previously at Razorpay and earlier at American Express, Citibank, Amazon and Tata, as chief operations officer for India and international markets.^[1][8][12]

The board and the register carry the imprint of a long private life. Sequoia India, now Peak XV Partners, was the largest shareholder for years, and Temasek, PayPal, Mastercard, Actis, Altimeter, Fidelity, BlackRock, Invesco, Alpha Wave and the State Bank of India all came in at various stages. The company's early backers sold part of their holdings in the public offering rather than after it.^[1][3][10]

Rajul Garg, the second co-founder, left the company long before its scale years and moved into venture investing and founding other businesses, so the public record of Pine Labs is largely the record of Kapoor, then Bindra, then Rau.^[1]

Terminals and in-store payments

The product most people meet is the terminal on the counter. The company's first widely deployed machines were card and PIN devices supplied under contracts with banks and payment aggregators, and it later moved to Android terminals under the Plutus Smart brand, which added bill generation, inventory features and the ability to run third party applications.^[1][8]

Plutus Smart launched about nine months before February 2020 and had crossed 50,000 deployed machines by then. The company said it expected to reach 150,000 Android terminals in the following financial year, and named Cinepolis India, Flipkart, Vijay Sales, Lenskart, Air Asia India and Miniso among the businesses using them, along with several state traffic police departments.^[8]

Software sits on top of the terminal. Pine Labs built a portfolio of more than 25 third party billing applications on its open interfaces, letting a merchant split a payment across methods, manage returns, take online orders and print a compliant goods and services tax invoice. A merchant can also compare instalment offers from several banks on the same screen.^[8]

The company has since added ways to accept payments without a dedicated machine. Its AllTap application turns an Android phone into an acceptance device, it worked with Google Pay on tap to pay for unified payments interface transactions, and it launched a card tokenisation service for merchants bound by the central bank's rules on stored card data. Its most recent device contracts take it back to its first industry: in February 2026 it won multi-year work to roll out and service nearly 130,000 payment devices for Indian Oil, BPCL and HPCL.^[1][12]

Gift cards and prepaid instruments

Pine Labs bought the gift card company Qwikcilver in March 2019 for about 110 million dollars. The acquisition gave it a business that issues and manages prepaid gift cards for brands, the kind bought as corporate rewards or given at festivals, and it made the company a processor of value rather than only of payments.^[1]

That business deepened over time. Google Wallet partnered with Pine Labs in 2024 so that gift cards held with the company could be managed inside the wallet application, and the prepaid instruments business became one of the profit engines behind the company's swing to net profit after listing.^[1][12]

Regulation follows the money here. The Reserve Bank of India requires full customer verification before a full know your customer prepaid instrument is issued, and in March 2026 the central bank fined Pine Labs 3.10 lakh rupees after a statutory inspection found that several such instruments had been issued without that verification being completed. The fine is small in money terms and large in signal, because it is the first regulatory penalty on the company as a listed entity.^[5]

The instruments also carry the company's international prepaid ambitions. Management has said the next generation of prepaid products will be sold to businesses rather than consumers, with corporate meal and expense cards planned for launch in 2026, which extends the gift card machinery into employee benefits.^[12]

Pay later, lending and SignalIQ

Instalment payments have been part of the merchant offer for years, but the company found that its strongest demand came from smaller towns rather than metros. Buyers in those markets used card linked instalment plans and pay later products for appliances, phones and two wheelers, which turned affordability into a volume business rather than a premium one.^[1]

The next step is lending on the company's own data. In October 2026 Pine Labs said it had signed six banks and non-bank lenders for SignalIQ, a tool that reads bank statements and converts hard to interpret unified payments interface entries into income, debt and cash flow signals. The output is used for credit underwriting, which means Pine Labs is selling merchant data analysis to the lenders rather than lending on its own balance sheet.^[1]

The company frames this as the natural end of the stack it has been building: a merchant that accepts payments through a Pine Labs terminal generates the transaction history that a lender needs, and the software layer is where that history is turned into a decision. Management calls the merchant relationship, not the terminal, the durable asset.^[12]

Acquisitions and investments

Pine Labs has bought rather than built in several parts of its business. Qwikcilver brought gift cards in 2019. Fave, a Southeast Asian deals and cashback platform, was acquired in 2021 for about 45 million dollars, and its founders stayed with the company. Mosambee, a payment solutions provider, came in through a majority investment in April 2022, and Setu, a payment and banking infrastructure startup, was bought in 2022 for a reported 70 to 75 million dollars.^[1]

Smaller purchases filled gaps in software. Qfix, an online payments startup, was acquired in February 2022, and an enterprise platform was bought from Saluto Wellness in January 2023. Each of these is the same move: a merchant already on a Pine Labs terminal is offered one more service that used to be a separate vendor relationship.^[1]

The 2026 acquisition is Shopflo, a checkout optimisation platform bought for 88 crore rupees in April 2026. Management said Shopflo worked with more than 1,000 online brands processing transactions for about 60 million customers, and that Shopflo's turnover in the year to March 2025 was 14.73 crore rupees, up 61 per cent from 9.15 crore rupees the previous year. The logic stated at the time was that commerce is no longer split between channels, so the same platform should run in-store payments and online checkout.^[14]

Alliances have done part of the same job at lower cost. The company partnered with RAKBANK in the United Arab Emirates in 2019, with UnionPay the same year, with Google Pay for offline payments in 2018, with ICICI Bank on digital rupee payments on its terminals in 2023, and with Wio Bank in the United Arab Emirates in January 2026 for technology infrastructure.^[1]

International business

Pine Labs began selling outside India in 2018 with an office in Dubai and operations in Malaysia, describing the Gulf and Southeast Asia as markets where retail expansion was outpacing the infrastructure available to support it. Fave added a consumer facing presence in Malaysia, Indonesia and Singapore on top of the merchant business.^[3][1]

By 2026 the company said it operates in 22 countries, and for the financial year 2026 international revenue crossed 400 crore rupees. Management describes the company's Indian payments model, built at a scale that emerging markets cannot yet build themselves, as the product it is exporting, with Southeast Asia, the Middle East and Africa named as the markets it intends to win.^[15]

International work is also where the company is testing products that Indian regulation does not yet allow. It has said it will launch a prepaid card funded by stablecoins in nine countries across West Asia, Africa and Southeast Asia, with conversion into local currency at the point of sale, and that the product is not planned for India or China.^[15]

The company remains an Indian business by revenue and by regulation. Its listing, its merchant base and most of its regulatory obligations sit in India, and the central bank's decisions on payment pricing and prepaid instruments affect it more than anything that happens in its other 21 markets.^[5][12]

The IPO and the public market

Pine Labs filed a draft red herring prospectus with the Indian market regulator in June 2025, initially proposing a fresh issue of about 2,600 crore rupees, with existing shareholders including Peak XV and PayPal trimming their holdings. When the price band was set on 3 November 2025 at 210 to 221 rupees a share, the company cut the fresh issue to 2,080 crore rupees and reduced the offer for sale from 14.78 crore shares to 8.23 crore shares.^[10]

The reason given was that the company no longer needed the money it had set aside for debt. The chief executive said the financial position had improved enough that diluting shareholders to repay borrowings made no sense, and the allocation for debt repayment was cut from 870 crore rupees to 532 crore rupees. At the upper end of the band the company was valued at about 25,377 crore rupees.^[10]

The offer of about 3,900 crore rupees, comprising a 2,080 crore rupee fresh issue and a 1,819 crore rupee sale by existing shareholders, opened on 7 November 2025 and closed on 11 November. It was subscribed about 2.5 times, with institutional investors doing most of the work and the retail portion lukewarm, which is unusual for a consumer facing Indian listing.^[11]

The shares listed on 14 November 2025 above the issue price, rose as much as 28.5 per cent to 284 rupees during the day and closed at 252 rupees, 14 per cent above the 221 rupee offer price. That valued the company at about 28,937 crore rupees, or roughly 3.2 billion dollars.^[11]

The aftermarket has been harder. The six month lock-in expired in May 2026, and with a large block of shares becoming tradable the stock fell to about 31 per cent below its listing price at one point. Investors including Mastercard, which came in during 2020, have sold part of their holdings in block deals, and the stock moves as much on policy news as on earnings.^[2]

Revenue and financials

The earliest published numbers show a business in the low hundreds of crores. Filings with the Ministry of Corporate Affairs put revenue at 122 crore rupees in the financial year 2016 and 195 crore rupees in the financial year 2017, when the company was still counted among the smaller players in an industry dominated by bank owned terminal networks.^[3]

By the time of the listing the scale was an order of magnitude larger. For the financial year 2025 the company reported revenue of 2,274 crore rupees and a net loss of about 145 crore rupees, the last full year before it had to report to public shareholders. The loss at that point was largely a function of the costs of a business that was still adding products and countries.^[11]

The quarterly record since listing shows the swing. The quarter ended June 2025 revenue was 615.91 crore rupees; September 2025 revenue was 649.9 crore rupees with a profit of 5.97 crore rupees against a loss of 32.01 crore rupees a year earlier; December 2025 revenue was 744.27 crore rupees with a profit of 42.39 crore rupees; and the quarter ended March 2026 revenue was 700.51 crore rupees with a profit of 59.36 crore rupees.^[12][15]

The June 2026 quarter then showed both the growth and the tax problem. Revenue rose 19.64 per cent to 736.92 crore rupees and profit rose fourfold to 19.57 crore rupees, but the effective tax rate for the quarter was 48 per cent, which the company attributed to foreign entities that are not yet profitable on their own and whose losses cannot be set against profits made elsewhere. Management said the rate should fall to 28 to 30 per cent for the full year and normalise near 25 per cent later.^[16]

Two numbers matter for reading that profit. Expenses were 728.14 crore rupees in the June 2026 quarter, only about 9 crore rupees less than revenue, so the profit came from a thin spread between the two. And net cash stood at 2,123 crore rupees at the end of that quarter, which is the buffer the company has for the years before its lending and international bets produce a return.^[16]

Shareholding and ownership

For most of its life Pine Labs was controlled by a small group of shareholders. Sequoia Capital, later renamed Peak XV Partners, was the company's largest shareholder for years and sat out the 2018 round rather than sell into it, and the later investors took the register in stages.^[3]

The 2018 round brought Actis and Altimeter in at a valuation close to 900 million dollars and, months later, Temasek and PayPal at 125 million dollars, which pushed the company past the billion dollar mark. Lone Pine Capital led a round in December 2020, Mastercard had invested earlier that year, Fidelity and BlackRock led the last big round in July 2021 at a 3.5 billion dollar valuation, and Alpha Wave invested later at a valuation reported at 5 billion dollars.^[1][3][4]

The public offering changed the character of the register. The sale by existing shareholders in the offer for sale was larger than the fresh issue, meaning most of the money raised went to investors rather than to the company, and after listing the stock is held by a mix of institutions, founders, employees and the public.^[10][11]

Ownership has also moved physically. The company was domiciled in India at incorporation, moved part of its structure to Singapore in 2021, and in 2024 became the third Indian fintech after PhonePe and Groww to bring its domicile back home, so that its shares could be listed and held in India.^[9]

Employees and offices

Pine Labs employs a much smaller technology team than its scale suggests. In December 2025 the chief executive said the company had about 1,000 engineers, technologists and product managers, and that he did not expect to need materially more, because artificial intelligence was doing part of the work. At that point roughly 18 per cent of the code written in the company was generated with AI.^[12]

The share has grown since. In the March 2026 quarter the company said 1.3 million lines of code were handled by artificial intelligence, with an 89 per cent agentic contribution to code changes, and that AI had resolved more than 46,000 support tickets. That is the clearest statement any Indian payments company has made about using AI to hold headcount flat while revenue grows.^[15]

Sales headcount is moving the other way, which is the deliberate part of the strategy. The company added about 500 sales employees over the year to the June 2026 quarter, spread across mid-market segments, international teams and product capability, on the view that distribution rather than software is now the scarce resource in merchant payments.^[16]

The head office is in Gurugram, in the National Capital Region, although the company was built in Noida and is still often described by its older address. Its operations are spread far wider than its offices: by 2026 the company said it runs in 22 countries, and its Indian terminals sit in petrol pumps, hospitals, cinemas, quick service restaurants and small shops in towns that do not appear on any list of priority markets.^[3][15]

Competition

In terminals, Pine Labs competes with other deployers such as Mswipe and Innoviti as well as with the bank owned networks of HDFC Bank, Axis Bank and the State Bank of India, which place their own machines at merchants and, in effect, compete at the same counter. The difference is that a bank sees a terminal as a way to hold a merchant account, while Pine Labs has to earn from the terminal and the services attached to it.^[3]

In online payments and merchant software the competitors are the large payment aggregators. Razorpay, PayU, Cashfree, PhonePe and Paytm all sell to the same merchants Pine Labs now wants, and several of them started online and are moving into offline acceptance, which is the mirror image of Pine Labs' own strategy. Its 2026 acquisition of Shopflo, a checkout product, is a direct answer to that contest.^[14]

In pay later and lending the field is wider again, with consumer lending applications, non-bank finance companies and the banks themselves. Pine Labs' stated advantage is data: it can see merchant level transaction volumes, which a pure lender cannot, and it has chosen to sell that analysis to lenders rather than become one.^[1][12]

The common competitive fact across all three is price. Payment acceptance in India is a business with regulated pricing on the unified payments interface, falling hardware costs and merchants who switch for a few basis points, which is why the company's revenue per merchant depends on how many services it can attach to a terminal rather than on the terminal itself.^[12]

Controversies and criticism

The most serious incident is a data breach. In August 2021 Pine Labs said a breach had exposed the data of up to 500,000 of its users to hackers. The company did not describe the full extent publicly at the time, and the episode is still cited whenever the merchant payments industry is asked about the security of the transaction data it holds.^[7]

Regulation has also caught up with the product. The Reserve Bank of India's March 2026 penalty of 3.10 lakh rupees, for issuing prepaid instruments without completing full customer verification, was small in money terms but followed a statutory inspection covering July 2024 to May 2025, which means the conduct predates the listing.^[5]

The company's valuation has been questioned by its own investors. Write-downs of private holdings by large funds in 2023 and 2024 set the tone before the company listed, and after listing the fall to about 31 per cent below the listing price when the lock-in expired in May 2026 was the market's own verdict on the price set in November 2025.^[2]

The company also carries the reputational question that attaches to pay later and instalment lending in general: whether credit is being extended to buyers who can afford the monthly payment but not the product. Pine Labs answers this by describing the products as bank funded and merchant driven, which puts the credit decision with the lender, but the criticism attaches to the merchant who sells the offer.^[1][12]

Finally, the disruption is internal as well as external. The company has said openly that artificial intelligence now writes a large share of its code and resolves tens of thousands of support tickets, at the same time as it adds sales staff. For a business whose engineering headcount was its cost base, that is a benefit to the accounts and a risk to the workforce, and the company has not published a policy on what happens to roles that the tools absorb.^[12][15]

Reading the numbers

Pine Labs is a company whose headline revenue understates the value flowing through it. It does not take the full amount a customer pays; it takes a fee for accepting and processing it. That means revenue is a fraction of the payment volume the network carries, and the number to watch is the attachment rate, meaning how many services a merchant buys on top of acceptance.^[3]

The reported profit is thin and shaped by tax. In the June 2026 quarter the company earned 736.92 crore rupees and spent 728.14 crore rupees, leaving under 9 crore rupees before other income and tax, and the 48 per cent effective tax rate that quarter cut net profit to 19.57 crore rupees. The company has guided that the rate will fall, which matters more to future earnings than any single quarter's growth.^[16]

The international business is the variable that could break the pattern. Revenue outside India crossed 400 crore rupees in the financial year 2026, and management has described emerging markets in Southeast Asia, the Middle East and Africa as the structural opportunity. If that segment keeps growing, the company stops being a bet on Indian merchant payment pricing; if it stalls, the Indian regulatory cycle decides its valuation.^[15]

For anyone reading the accounts, three questions decide the story. Does software revenue keep replacing hardware revenue. Does the gift card and prepaid business stay inside regulation after the 2026 penalty. And do the pay later and lending products scale without putting credit risk on the company's own balance sheet.^[12][15]

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