- Singapore’s merchant commerce unicorn Pine Labs has acquired Malaysian eCommerce FinTech startup Fave in a deal worth in excess of $45 million
- The cash and equity deal will give Fave’s investors an all-cash payout, with the company’s founders and key staff receiving both cash and shares of Pine Labs
- Founded in Singapore about six years ago by Joel Neoh, Fave has strived to help transition offline businesses to the digital economy, linking sellers and buyers for seamless payments
- The company is an aggregator for Visa, Mastercard, American Express and wallets like Grab and OVO
- With operations in more than 35 cities in Singapore, Malaysia and Indonesia, Fave has teamed up with other firms in a strategy to promote change
- In 2016 and 2017, the company acquired Groupon in those regions, and has introduced numerous micro and small businesses to the benefits of further exposure through marketing, data and financing
