PETALING JAYA: Singapore-incorporated Pine Labs has acquired Fave for US$45 million (RM185 million) which will translate into the adoption of the latter’s consumer fintech platform by 500,000 merchant network points across India.
The acquisition is projected to accelerate the growth of both companies in Asia through consumer opportunities across retail, food & beverage, fashion and fast-moving consumer goods.
With the deal, Fave’s founders will expand their role to lead the overall consumer platform for the group across Asia and it will also hire over 100 new employees for the effort.
Pine Labs CEO B Amrish Rau remarked that consumers have tremendous choices in payments and to save on every transaction.
He said Fave helps consumers apply their best rewards, coupons, gift cards and cashbacks on all transactions in a seamless manner.
“Joel 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 Southeast Asia and India,” B Amrish said in a press release.
Similarly, the consumer fintech startup’s co-founder and CEO Joel Neoh, is upbeat to be working with Pine Labs and expanding the platform across Asia.
“Really excited to work with Amrish and the Pine Labs team to continue expanding the Fave platform across the Asian region,” he said.
“Pine Labs has been a great partner and investor for us, and it only makes sense for us to join our synergies together and work towards our shared vision of building a truly global consumer and merchant platform.”
Neoh commented that India has the digital advantage with young demography, growing aspirational middle class with rising disposable income and increasing digital savviness.
Moving forward, he is confident that the Asia-Pacific e-payments landscape will continue to achieve exponential growth in the coming decade.