Pine Labs acquires FinTech & e-commerce app Fave for US$45 mn
By Leandra Monteiro
Singapore-incorporated merchant commerce platform Pine Labs has acquired e-commerce and FinTech firm Fave in a cash and equity deal valued at over US$45 million for joint global expansion, the companies shared.
In a joint statement, both companies expressed that the acquisition will help them accelerate their growth in Asia and open massive consumer opportunities across retail, F&B, fashion, and FMCG markets. The companies also said that Fave’s investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and shares of Pine Labs. Fave will also be hiring over 100 new employees in Southeast Asia and India to fast-track cashless payments and smart savings across the region. Also, Fave will continue to introduce new smart payment features via the Fave platform.
Fave counts Sequoia India, China-based SIG Asia Investments and Indonesian venture capital firm Venturra Capital as its investors. Pine Labs became an investor in Fave last July, when both formed a strategic partnership.
“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,” said B. Amrish Rau, chief executive officer (CEO), Pine Labs, according to media reports.
According to media reports, Joel Neoh, co-founder and CEO of Fave said, “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.”
Fave operates in Malaysia, Singapore and Indonesia, after acquiring Groupon Inc’s businesses in those markets in 2016 and 2017. It will be launching in India later this year.
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