Pine Labs, a digital payment and commerce solution provider to merchants has announced the acquisition of Malaysia-based Fintech startup Fave for $45 million in cash and stock deal.
“As a part of the acquisition, Pine Labs will bring Fave payment solution in India across a network of 500,000 merchants on its platform,” The Company in its statement said.
“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 Labs added.
Speaking on the acquisition, B. Amrish Rau, CEO of Pine Labs said, “Fave helps consumers apply their best rewards, coupons, gift cards, and cashback on all transactions in a seamless manner…We are excited to partner with them in this journey in South East Asia and India.”
Commenting on the deal, Joel Neoh, Co-founder & 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,” he added.