Indian Merchant commerce platform Pine Labs acquires Singapore-based startup Fave

Indian merchant commerce platform, Pine Labs has acquired Southeast Asian startup Fave in a deal valued at US$ 45 million. With this deal, Pine Labs looks forward to strengthening its consumer-focused offerings in the domestic and international markets.

About Fave

Founded in 2015 by Joel Neoh, Fave is a Digital Merchant Platform that empowers offline merchants to grow and connect with their customers to deliver a seamless payment experience and merchant rewards. Fave’s mission is to expedite the offline world’s transition to the digital economy. It serves as a payment aggregator for some of the most popular cards like Visa, Mastercard, AMEX and wallets like Grab and OVO. Merchants get more value and more customer exposure through marketing, data, financing and operations. The startup operates in over 35 cities in Singapore, Malaysia and Indonesia.

Merchants are able to retain their customers using gift cards and vouchers offered by Fave. Customers automatically receive cashback/loyalty points after making the payment through the Fave app. Initially launched as a fitness subscription service, Fave raised more than US$ 32 million prior to being acquired.

Fave is planning to hire an additional 100 employees and launch a buy now and pay later product in the next one to two months.

What the CEO has to say: “Customers love us because they get safe money, cashback and rewards for being on the platform. And merchants love us because they get a lot of new and repeat customers. India has the digital advantage with young demography, a 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.” — Joel Neoh, co-founder and CEO of Fave.

About Pine Labs

Founded by Rajul Garg and Tarun Upaday, Pine Labs offers a merchant platform that includes technology and financial solutions for merchants, aimed at helping them in increasing their revenue and reducing cost, complexity and risk. It helps in offline and online last-mile retail transactions, provides financial solutions and customer insights for targeted sales.

“This offering has especially proven useful to merchants in the pandemic as they scramble for ways to drive sales from existing customers. Consumers too were looking for ways of cost-savings or ways to optimize their purchases. For the first time with QR, what I realized was you can do a wonderful job when it comes to loyalty, rewards and redemption in the offline world.” — Amrish Rau, CEO of Pine Labs.

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