Pine Labs acquires Fave in a $45-million deal

Merchant commerce platform Pine Labs has acquired Southeast Asian fintech platform Fave in a transaction valued at $45 million. “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,” the companies said in a joint statement on Tuesday.

Fave’s founders will have their roles expanded to lead the overall consumer platform for the group across Asia. Fave will also be hiring over 100 new employees in Southeast Asia (SEA) and India to accelerate cashless payments and smart savings across the region. The firm claims to have enabled 6 million consumers in SEA to save over $400 million across 40,000 retailers since 2016.