View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 14, 2021updated 20 Jan 2022 5:03pm

Pine Labs targets consumer payments space with $45m Fave acquisition

Indian digital payments company Pine Labs has acquired Singapore-based loyalty cashback start-up Fave for a sum of $45m to foray into consumer payments space.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

The acquired firm, which started as a fitness subscription service five years back, enables buyers to make QR-based offline payments through its app.

Its platform offerings include gift cards, cashbacks, and coupons.

Fave also updates customers about offers, cashbacks and loyalty benefits being offered by the store while making the payment.

Fave raised over $32m before being acquired by Pine Labs.

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.”

The acquisition will lead to the Fave app making its debut in India by the end of this, supporting a local network of 500,000 merchant points across 3,700 cities.

Fave co-founder and CEO Joel Neoh said: “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.”

The deal is expected to expand Pine Labs’ consumer-focused offerings in the domestic as well as overseas markets.

Under the arrangement, the founders of Fave will lead the overall consumer platform for Pine Labs across Asia.

In a bid to accelerate cashless payments and smart savings in Southeast Asia and India, Fave plans to hire over 100 new people.

Fave teamed up with Singtel and DBS Bank in August last year that allowing Singaporeans to use their respective Singtel Dash and Paylah! e-wallet app to pay at Fave partner stores.

Pine Labs achieved unicorn status last year after raising funds from Mastercard at a valuation of $2bn.

Currently, Pine Labs currently serves over 150,000 merchants in 3,700 cities across Asia and the Middle East.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International