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Pine Labs, a merchant commerce platform based in India, has just acquired Malaysian deals and cash-back startup Fave for $45 million.
The acquisition is a strategic one for Pine Labs, which will accelerate their growth in the Asian region across retail, F&B, fashion, and FMCG markets.
Fave was founded by Malaysians Joel Neoh and Yeoh Chen Chow back in 2015.
The company helps offline merchants obtain new customers by using gift cards and deal vouchers, while retaining them using cash-back and loyalty points coupled with their QR code payment solution (Fave Pay).
The company currently operates in 35 cities across Malaysia, Singapore, and Indonesia, and has reportedly helped 6 million consumers save over $400 million across 40,000 retailers.
Upon the acquisition, Fave's founders will have their roles expanded to lead the overall consumer platform for the group across Asia.
In the next month, Fave Pay will launch in India with QR code transactions, with the team working alongside Pine Labs' merchants community to deliver rewards, coupons, and redemption programs to Indian consumers.
The company will also be hiring over 100 new employees in Southeast Asia and India to accelerate cashless payments and digital loyalty programs across the region.
“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 APAC e-payments landscape will continue to achieve exponential growth in the coming decade. Together, we will be stronger, faster and better,” said Neoh.
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