Malaysian Startup Fave Is Acquired By Indian Fintech Unicorn Pine Labs
Fave has just announced its recent acquisition by Pine Labs, an Indian commerce platform, for RM185 million.
With this acquisition, Pine Labs hopes Indian consumers will be able to use the Fave app to save on 500,000 fintech unicorn-powered merchant network points in 3,700 cities in India.
Pine Labs is a cloud-based platform that provides a wide range of payment acceptances with merchant commerce solutions such as inventory management and customer relationship management.
They cater to merchants of all sizes and its stored value platform includes the issuance, processing and distribution of digital gift cards for businesses. Their main investors are Mastercard, PayPal and Temasek.
“India has the numerical advantage with a young demographics, an ambitious growing middle class with rising disposable income and growing digital literacy. We are confident that the APAC electronic payments landscape will continue to grow exponentially over the next decade, ”said Joel Neoh, founder of Fave, in a press release.
Pine Labs CEO B. Amrish Rau congratulated Fave when he explained why they partnered with the latter: “Consumers have a tremendous choice in their payment methods. They want to be sure they are saving on every transaction. “
“Fave helps consumers apply their best rewards, coupons, gift cards and cash back on all transactions seamlessly. Joel and the Fave team have built a loyal consumer base through their smooth payment experience. “
In July 2020, Fave also received an investment from Pine Labs to expand its cashless payment solutions to SMEs by integrating their QR code into Pine Labs terminals.
As of now, no changes will be made to Fave’s leadership structure with the acquisition, but the founders will see their roles expanded to lead the global consumer platform in Asia and hire more than 100 new employees in Asia from South East and India.
Fave investors will receive payment in cash, while founders and key employees of Fave will receive both cash and shares of Pine Labs.
Since 2016, Fave has helped 6 million SEA consumers save over RM 1.6 billion from 40,000 retailers. Of that RM1.6 billion, Malaysians have been able to save RM369 million, which is about 23% of the total savings from the start of Fave until today.
The Malaysian startup currently operates in 35 cities across Malaysia, Singapore and Indonesia, and this move to India would serve the brand well, given the country’s massive population and rapid adoption of digital technologies during the pandemic.
- You can read more about what we wrote about Fave here.
- You can read more about Fave here and Pine Labs here.
Featured Image Credit: Joel Neoh, Co-Founder and CEO of Fave
Our sincere thanks to