Pine Labs was founded in 1998 and underwent multiple changes to become a card payments company led by the then CEO Lokvir Kapoor. In its third decade now, Pine Labs is morphing into a fintech company with payments industry veteran Amrish Rau leading the charge.

Rau joined Pine Labs as CEO in March last year, after Vicky Bindra, Kapoor’s successor, decided to return to the US. Under Rau, the company is going through its most significant transformation in recent years as it targets a global IPO within 18 months.

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Rau has brought multiple fresh faces to the management ranks at Pine Labs to oversee key segments such as lending, analytics and technology. He is focused on the bigger picture, fundraising and investor relations, said a source familiar with the company’s workings. “His goal is to hire the right team to set up five large businesses (including payments, ‘pay later’, and merchant lending),” said this person.