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

April 12, 2021

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