Indian merchant platform company, Pine Labs, recently acquired Fave, a Malaysia-based fintech platform, for around $45 million-worth deal. With this acquisition, Indian consumers will be able to gain access to the Fave app later in 2021, which will save over 500,000 merchant network points powered by Pine Labs. In addition to this, the acquisition is also expected to help both the companies accelerate their growth within Asia and unlock plethoric opportunities across retail, F&B, fashion and FMCG markets.
Fave’s founders will also be able to lead the consumer platform for the group across the entire Asia region. To strengthen the pact with Pine Labs and accelerate cashless payments and smart savings, Fave will be hiring more than 100 new employees in Southeast Asia and India. It will reportedly continue with the introduction of smart payment features on its platform and other new features to enhance the shopping experience of the consumers.
Talking about the recent acquisition by Pine Labs, Joel Neoh, co-founder and CEO of Fave said, “Really excited to work with Amrish (Rau) and the Pine Labs team to continue expanding the Fave platform across the Asia region. He added that Pine Labs has been a great partner and investor which led the company to synergize with it.”
Fave is the second acquisition for Pine Labs, with the first being the Amazon-backed Qwikcilver, a gift card technology start-up, which it acquired for around $110 million in 2019. It is Southeast Asia’s fast-growing consumer fintech platform. The company currently operates in over 35 cities across Malaysia, Singapore and Indonesia. The introduction of the Fave app in India comes at a time when UPI has just grown to more than 2.7 billion transactions in March 2021.