With the acquisition of Fave, Pine Labs to venture into consumer payments ecosystem

Merchant Commerce Platform Pine Labs has acquired Consumer FinTech Fave as a part of joint growth and expansion plan. According to the company, the acquisition will help both the companies accelerate their growth in the Asia region. Further, it will boost the companies' opportunities across retail, F&B, fashion, and FMCG markets. In a USD 45 Mn deal, Pine Labs will acquire Fave with all of its employees. Its investors will receive an all-cash payout. The founders and key employees will further receive both cash and Pine Labs shares.

According to the company statement, the acquisition will expand Fave founders' roles to lead the overall consumer platform for the group across Asia. Further, Fave will hire over 100 new employees in Southeast Asia and India to accelerate its business. The company will also introduce new smart payment features via its platform; unlocking new ways to maximize shopping experience for consumers across Asia.

Commenting on the acquisition, B Amrish Rau, CEO, Pine Labs, 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 in India, Pine Labs in Consumer Payments

Fave will launch its consumer loyalty offering in India with a new app. Thus, it will usher Pine Labs into the consumer payments category. The Singapore company allows users to make QR-based offline payments through its app. It also alerts customers about offers, cashbacks and loyalty benefits from the store at the time of payment. In India, Fave will offer Unified Payments Interface (UPI)-based payments, and is awaiting required approvals from the National Payments Corp. of India (NPCI).

“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," said Joel Neoh, Co-Founder and CEO of Fave.

He added, "India has 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.”