The acquistion deal is deal valued at more than RM 185 million (appr. $45 million).
With this strategic acquisition, Indian consumers may now use the Fave app at some point later this year to save across 500,000 different merchant network points that are supported by Pine Labs across 3,700 Indian cities. Fave reports that it has enabled around 6 million consumers in Southeast Asia with saving more than $400 million across 40,000 different retailers since 2016.
This latest acquisition should help both firms with accelerating their ongoing growth and expansion efforts in Asia. Both service providers will be focused on unlocking consumer opportunities across retail, F&B, fashion, and FMCG markets, according to the announcement.
Fave’s founders will reportedly take on additional roles or responsibilities including the overall consumer platform for the group across Asian markets.
The company also plans to recruit more than 100 new workers in Southeast Asia and across India in order to promote cashless payments and smart savings strategies.
Amrish Rau, CEO at Pine Labs, remarked:
“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.”
Joel Neoh, Co-Founder and CEO at Fave, stated:
“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. 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.”