Pine Labs acquires consumer fintech platform Fave for $45M

Merchant commerce platform Pine Labs announced Tuesday that it had acquired Fave, Southeast Asia’s fast-growing consumer fintech platform, for more than $ 45 million.

Pine Labs said the acquisition will allow Indian consumers to use the Fave app by the end of this year to save more than 500,000 commercial network points operated by Pine Labs in 3,700 cities.

“Fave helps consumers apply their best rewards, coupons, gift cards and cash back rewards to all transactions. We are delighted to join them on this journey to Southeast Asia and India, ”said B. Amrish Rau, CEO of Pine Labs.

Preferred Founders will lead the entire consumer platform in Asia and will hire more than 100 new employees.

Pine Labs said investors in Fave will receive cash payments, while Fave founders and key employees will receive both cash and Pine Labs stock.

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Source: Pine Labs acquires consumer fintech platform Fave for $45M – Elets CIO