India’s largest lender, the State Bank of India, has invested $20 million in Pine Labs, the fintech startup said Tuesday without sharing any further details of the deal.

The IPO-bound online payments and merchant solutions platform raised around $700 million in multiple tranches last year and was last valued at $3.5 billion.

Report indicated that in December it was in advanced stages of talks to raise at least $100 million from Falcon Edge and that the total funding round could increase to $200 million.

Pine Labs, best known for its offline merchant payments tool, is also looking to list in the United States in the first half of 2022.

"In the past year, several marquee investors have placed their trust in our business model and growth momentum, and that is a gratifying feeling,” Pine Labs CEO Amrish Rau said Tuesday. “This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.” In a statement, Pine Labs said it would invest in scaling its new product Plural, a payments gateway.