Pine Labs, one of Asia’s leading merchant commerce platforms has acquired Fave, Southeast Asia’s consumer fintech platform for $45 million.
This acquisition will enable Indian consumers to use the Fave app later this year to save across five lakh merchant network points powered by Pine Labs across more than three thousand cities in India. The company said.
This acquisition will help both companies to unlock consumer opportunities across retail, F&B, fashion, and FMCG markets and increase their growth in Asia region. This will also help in strengthening Fave’s market position in Southeast Asia.
Fave will also be hiring over 100 new employees in Southeast Asia and India to speed up the cashless payment and smart saving process across the region. Fave also plans to introduce new smart payment features via the Fave platform which would lead to new ways of improving the shopping experience of its consumers across Asia, the company added.
“Consumers have tremendous choices in their payment types. They want to be sure that they save on every transaction. Fave helps consumers apply their best rewards, coupons, gift cards and cashbacks on all transactions in a seamless manner. Joel and the Fave team have built a loyal consumer base with their smooth checkout experience. We are excited to partner with them in this journey in South East Asia and India”, said B. Amrish Rau, CEO, Pine Labs.
“Really excited to work with Amrish and the Pine Labs team to continue expanding the Fave platform across the Asia region. Pine Labs has been a great partner and investor for us, and it only made sense for us to join our synergies together and work towards our shared vision of building a truly global consumer and merchant platform,” said Joel Neoh, Co-Founder and CEO of Fave.
“India has the digital advantage with young demography, growing aspirational middle class with rising disposable income and increasing digital savviness. We are confident that the APAC e-payments landscape will continue to achieve exponential growth in the coming decade,” he added.
Fave, has helped 6 million consumers in Southeast Asia to save over $400 million across forty thousand retailers since 2016.