Fave, the Malaysian company behind popular QR payments and cash-back app, has raised an undisclosed round of funding from India's Pine Labs.
The new investment is a strategic partnership focused on bringing forth a greater array of digitalisation and payment solutions for SMEs across the region.
Nearly 50,000 of Fave’s and Pine Labs’ merchants across SouthEast Asia will benefit immediately from the new formed partnership.
Under the new partnership, Fave’s QR code will be integrated as part of Pine Lab’s terminals, wheres users can enjoy seamless payments and loyalty programs across the region.
Pine Labs debit and credit card platforms will also enjoy Fave's merchant payment acceptance and cash-back solutions.
"The partnership brings together great understanding and expertise in technology development to help support merchants through successful business transformations.
With digitalisation playing an increasingly critical role in the recovery of Southeast Asia’s economy, merchants recognise that they need to accelerate the development of digital solutions to ensure they remain competitive.
We will work with Pine Labs to further strengthen Fave’s mission of helping merchants adapt to and digitalise in the new normal", mentioned Fave's co-founder and CEO, Joel Neoh.