Fave has enabled 6m consumers in South-East Asia save over RM1.6b across 40,000 retailers since 2016
by TMR / pic credit: pinelabs.com
INDIA-BASED Pine Labs has acquired Fave, South-East Asia’s consumer financial technology platform in a deal valued over RM185 million.
The acquisition will help both companies accelerate their growth in Asia and unlock massive consumer opportunities across retail, food and beverages, fashion and fast-moving consumer goods markets.
Fave has enabled six million consumers in South-East Asia save over US$400 million (RM1.65 billion) across 40,000 retailers since 2016.
It currently operates in 35 cities across Malaysia, Singapore and Indonesia.
Fave will be launching in India this year.
With this acquisition, Indian consumers will be able to use Fave app later this year to save across 500,000 merchant network points powered by Pine Labs across 3,700 cities in India.
“Pine Labs has been a great partner and investor for us, and it only make sense for us to join our synergies together and work towards our shared vision of building a truly global consumer and merchant platform,” Fave co-founder and CEO Joel Neoh said in a statement yesterday.
“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 Asia-Pacific e-payments landscape will continue to achieve exponential growth in the coming decade. Together, we will be stronger, faster and better.”
In India, the introduction of the Fave app this year comes at an opportune moment, with Unified Payments Interface (UPI) growing to 2.7 billion transactions in March 2021. Pine Labs also recorded a significant growth of 171% in UPI transactions over the last two quarters. Fave app will be rolled out across all major Indian cities.
“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,” B Amrish Rau, Pine Labs CEO said in the same statement.
“Neoh and the Fave team have built a loyal consumer base with their smooth checkout experience. We are excited to partner them in this journey in South-East Asia and India,” he added.
Fave’s founders will have their roles expanded to lead the overall consumer platform for the group across Asia.
It will also be hiring over 100 new employees in South-East Asia and India to accelerate cashless payments and smart savings across the region.
In August 2020, Fave announced a partnership with Singapore Telecommunications Ltd and DBS Bank Ltd that has enabled over half a million Singaporeans to use their respective Singtel Dash and Paylah! e-wallets app to pay at Fave partner stores.
Pine Labs serves prominent large, mid-sized and small merchants across Asia and the Middle East.
The company’s cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions, including enterprise automation solutions such as inventory management and customer relationship management.