Merchant platform provider, Pine Labs has announced that it has acquired deals discovery and eWallet platform Fave for USD 45 million (about RM185 million). According to the press statement, the acquisition will enable both Fave and Pine Labs to accelerate their growth in the Asia region and unlock massive consumer opportunities across retail, F&B, fashion and FMCG markets. Pine Labs also aims to reinforce Fave’s market position in Southeast Asia.
Commenting on the acquisition, Pine Labs CEO B. Amrish Rau said “Consumers have tremendous choices in their payment types. They want to be sure that they save on every transaction. 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 with them in this journey in South East Asia and India.”
Fave Co-founder and CEO Joel Neoh said “Really excited to work with Amrish and the Pine Labs team to continue expanding the Fave platform across the Asia region. Pine Labs has been a great partner and investor for us, and it only made sense for us to join our synergies together and work towards our shared vision of building a truly global consumer and merchant platform.”
Fave, formerly known as Groupon Malaysia, has enabled 6 million consumers in Southeast Asia to save over USD 400 million (about RM1.65 billion) across 40,000 retailers since 2016. With this deal, Fave’s smart payment app will be launched in India this year through Pine Lab’s merchant network. Consumers in India can soon enjoy savings across 500,000 merchants at 3,700 cities.
Fave is also hiring an additional 100 employees in Southeast Asia and they plan to introduce a buy now and pay later feature in the coming months. Fave currently operates in 35 cities across Malaysia, Singapore and Indonesia.