Merchant Commerce platform Pine Labs announced Tuesday that it had acquired Fave, Southeast Asia’s fast-growing consumer fintech platform, for more than $ 45 million.
Pine Labs said the acquisition will allow Indian consumers to use the Fave app by the end of this year to save more than 500,000 commercial network points operated by Pine Labs in 3,700 cities.
“Fave helps consumers apply their best rewards, coupons, gift cards and cash back rewards to all transactions. We are delighted to join them on this journey to Southeast Asia and India, ”said B. Amrish Rau, CEO of Pine Labs.
Preferred Founders will lead the entire consumer platform in Asia and will hire more than 100 new employees.
Pine Labs said investors in Fave will receive cash payments, while Fave founders and key employees will receive both cash and Pine Labs stock.
To date, Fave has saved six million Southeast Asian consumers more than $ 400 million at 40,000 retailers since 2016.
This acquisition will help the two companies accelerate their growth in the Asia region and unlock enormous opportunities for consumers in the retail, restaurant, fashion and consumer goods markets.
“We are confident that APAC’s electronic payments landscape will continue to grow exponentially over the next decade. Together we will be stronger, faster and better, ”said Joel Neoh, co-founder and CEO of Fave.
Fave currently operates in 35 cities in Malaysia, Singapore and Indonesia and will arrive in India later this year.