- 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
Pine Labs: Acquires Malaysian eCommerce Startup Fave For $45 Million
