Pine Labs acquires loyalty startup Fave for a sum of $45 mn

BENGALURU : Merchant payments startup Pine Labs on Tuesday announced the acquisition of Singapore-based loyalty cashback startup Fave for $45 million, setting sights on the growing consumer payments category in India and South-East Asia.

Fave’s investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and Pine Labs shares.

Fave will launch its consumer loyalty offering in India with a new app, ushering Pine Labs into the consumer payments category. The Singapore company allows users to make QR-based offline payments through its app and alerts customers about offers, cashbacks and loyalty benefits being run by the store at the time of payment.