Merchant commerce platform Pine Labs on Tuesday said it has acquired Fave, Southeast Asia's fast-growing consumer fintech platform, for over $45 million.
Pine Labs said that with this acquisition, the consumers in India will be able to use Fave app later this year to save across 500,000 merchant network points powered by Pine Labs across 3,700 cities.
"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," said B. Amrish Rau, CEO, Pine Labs.
Fave founders will lead the overall consumer platform across Asia and hire over 100 new employees. Pine Labs said that Fave's investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and Pine Labs shares.
To date, Fave has enabled six million consumers in Southeast Asia to save over $400 million across 40,000 retailers since 2016.
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.
"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," said Joel Neoh, Co-Founder and CEO of Fave.
Fave currently operates in 35 cities across Malaysia, Singapore, and Indonesia and will arrive in India later this year.