Fave just announced its recent acquisition by Pine Labs, an Indian trading platform, for RM 185 million.
With this acquisition, Pine Labs hopes that Indian consumers can use the Fave app to save over 500,000 merchant network points provided by the fintech unicorn in 3,700 cities in India.
Pine Labs is a cloud-based platform that offers a wide range of payment acceptances with merchant commerce solutions such as inventory management and customer relationship management.
They are aimed at retailers of all sizes and the Stored Values platform includes the issuance, processing and distribution of digital gift cards for corporate customers. Its main investors include Mastercard, PayPal and Temasek.
“India has the digital advantage with young demographics, a growing emerging middle class with rising disposable incomes, and increasing digital literacy. We are confident that the APAC e-payment landscape will continue to grow exponentially over the next decade, ”said Joel Neoh, founder of Fave, in a press release.
B. Amrish Rau, CEO of Pine Labs, praised Fave when he pointed out why they worked with the latter: “Consumers have a tremendous choice of payment methods. You want to be sure that you save on every transaction. "
“Fave helps consumers seamlessly apply their best rewards, coupons, gift cards and cashbacks to all transactions. Joel and the Fave team have built a loyal customer base with their smooth checkout process. "
In July 2020, Fave also received an investment from Pine Labs to expand its cashless payment solutions to SMBs by integrating their QR code with Pine Labs terminals.
As of now, no changes will be made to Fave's management structure with the acquisition. However, the founders will expand their roles to lead the entire consumer platform across Asia and hire over 100 new employees in Southeast Asia and India.
Fave's investors will receive a cash payout, while Fave's founders and key employees will receive both cash and Pine Labs stock.
As of 2016, Fave has helped 6 million consumers in SEA save over 1.6 billion RM at 40,000 retailers. Of this 1.6 billion RM, the Malaysians were able to save 369 million RM, which corresponds to about 23% of the total savings since the beginning of Fave until today.
The Malaysian startup currently operates in 35 cities in Malaysia, Singapore and Indonesia. This move to India would serve the brand well given the massive population of the country and the rapid adoption of digital technologies during the pandemic.
- You can find more information about Fave here.
- You can learn more about Fave here and about Pine Labs here.
Featured image source: Joel Neoh, Co-Founder and CEO of Fave