- Pine Labs, a merchant commerce platform, purchased Fave, a FinTech enterprise.
- Pine Labs will close the deal in an all-cash payout format.
- The founders and marquee Fave employees will receive cash and Pine Labs shares.
Pine Labs recently acquired FinTech platform Fave for an impressive sum of USD 45 million. As a result of this acquisition, consumers in India will be entitled to use the Fave mobile app to save 500,000 merchant network points, supported by Pine Labs in 3,700 cities.
As a part of the deal, Fave founders will hire more than 100 new employees and lead the overall consumer platform across Asia. Additionally, Pine Labs will pay Fave’s investors an all-cash payout. The founders and marquee Fave employees will receive a double benefit of Pine Labs shares and cash.
As per the current status, Fave has aided 6 million consumers in Southeast Asia alone to save more than USD 400 million across 40,000 retailers they are working with since 2016.
Benefit of acquisition
The new purchase by Pine Labs will support both the enterprises to accelerate growth in the Asian market and benefit from the huge potential via huge consumer opportunities across industries such as fashion, F and amp;B, retail, and FMCG.
Fave currently functions in 35 cities across Indonesia, Singapore, and Malaysia and is all set to enter India in late 2021.