Fave, a Malaysia-based fintech platform that offers QR payments and loyalty refunds to restaurants and retailers, was acquired by Indian trade giant Pine Labs in a deal. is worth more than 45 million US dollars.
According to a joint statement, the acquisitions will help the two companies accelerate growth in Asia and open up consumer opportunities in retail, F&B, fashion and FMCG markets.
Fave also noted that the partnership with Pine Labs will strengthen its foothold in the Southeast Asian market.
Under the terms of the agreement, the Fave founders will be extended to their roles to lead the overall consumer platform for the corporation across Asia. The company will also hire more than 100 new employees in Southeast Asia and India to “accelerate cashless payments and smart savings across the region”.
The acquisition took place about a year after the Fave announced Pine Labs’ “partnership and strategic investment” saw the fintech platform become interactive and integrated with the endpoints of the future.
Launched in 2016, Fave is currently active in 35 cities across Malaysia, Singapore and Indonesia. The company claims it has allowed six million consumers to save more than $ 400 million on 40,000 retailers.
Fave will launch its services in India as part of the deal.
“Consumers have a lot of options in terms of their payment options. They want to make sure they save money on every transaction. Fave helps consumers apply their best rewards, coupons, gift cards and cashback across all transactions seamlessly. Joel and the Fave team have built a loyal consumer base with their smooth checkout experience, ”B. Said Amrish Rau, CEO of Pine Labs.
Joel Neoh, Co-Founder and CEO of Fave.
“India has a digital advantage with a young population, a growing middle class with growing disposable income and increasing digital literacy. We are confident that APAC’s e-payments landscape will continue to see exponential growth over the next decade, ”added Neoh.
According to Pine Labs, the introduction of Fave into its services comes at a time of opportunity, with mobile payments growing to 2.7 billion transactions by March 2021. The company also recorded significant growth. accounted for 171% of mobile payment transactions in the past two quarters. .
Image credit: Fave