Merchant commerce solutions provider Pine Labs on Tuesday said it has acquired consumer fintech platform Fave in a deal valued at more than $45 million, as part of its expansion plans.
Fave’s investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and Pine Labs shares, Pine Labs said in a statement. Fave will be hiring more than 100 new employees in Southeast Asia and India to accelerate cashless payments and smart savings across the region, the company added.
Following the acquisition, Fave will be introduced to Indian consumers later this year. “The acquisition will help both companies accelerate their growth in the Asia region and unlock massive consumer opportunities across retail, F&B, fashion, and FMCG markets. Joining forces with Pine Labs will reinforce Fave’s market position in Southeast Asia,” Pine added.
“Fave helps consumers apply their best rewards, coupons, gift cards and cashbacks on all transactions in a seamless manner...We are excited to partner with them in this journey in South East Asia and India,” B. Amrish Rau, CEO, Pine Labs, said.
Joel Neoh, co-founder and CEO of Fave, said India had the digital advantage with young demography, 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.”
