Unicorn fintech company Pine Labs has acquired Fave, a fast-growing consumer fintech platform in Southeast Asia, in a deal valued at about $ 4.5 million. The Malaysian company provides QR payment and loyalty cashback to fav restaurants and retailers. It has enabled more than six million customers in Southeast Asia since 2016 to save nearly $ 400 million from 40,000 retail vendors.
With this acquisition, Indian consumers will also be able to save on more than 5 lakh merchant network points enabled by 3,700 Pine Labs in the country.
This acquisition will help both companies to accelerate their growth in the Asian region. This will create mass consumer opportunities in the retail, F&B (food and beverage), fashion and FMCG markets. Fave’s market position in Southeast Asia will also strengthen after joining Pine Labs.
Pine Labs CEO B Amrish Rau said, “Consumers have many options regarding their type of payment. But they want to be assured that they save on every transaction. ‘ He said, “Fav helps consumers to easily apply gifts, coupons, gift cards and cashbacks etc. on their transactions.”
The role of FAV’s founders will be expanded to lead the group’s overall consumer platform across Asia. Fav will also appoint 100 new employees in Southeast Asia including India to promote cashless payments and smart savings in the region. The company will also continue to introduce new smart payment facilities through the FAVE platform so that customers get maximum value and enjoyment on every purchase.
In August 2020, Fave announced a partnership with Singtel and DBS Bank. With this, Singtel Dash and Paylah for paying nearly 5 lakh Singaporeans in fav partner stores! Use of e-wallet is facilitated.
FAV currently operates in 35 cities in Malaysia, Singapore and Indonesia. The Fave app will be launched in all major cities of India. The launch of the Fave App in India this year will come at a time when payments through UPI are steadily increasing and by March 2021, there were nearly 2.7 billion transactions. Pine Labs has reported a 171 per cent growth in UPI transactions during the last two quarters.
Last year Pine Labs invested and formed a strategic partnership with Fave. Fave is the second acquisition of Pine Labs. In 2019, it acquired Amazon-invested gift card technology startup QuickCliver for $ 110 million.
