Pine Labs will provide Fave’s investors an all-cash payout, while the founders and marquee Fave employees will receive both cash as well as Pine Labs shares.
Fin-tech platform Fave is acquired by Pine Labs for over $45 million. With this acquisition, the consumers in India will be able to use Fave mobile application in order to save 500,000 merchant network points, backed by Pine Labs across 3,700 cities.
Fave founders will hire over 100 new employees and lead the overall consumer platform across Asia. Pine Labs will provide Fave’s investors an all-cash payout, while the founders and marquee Fave employees will receive both cash as well as Pine Labs shares.
Presently, Fave has helped 6 million consumers in Southeast Asia alone to save over $400M across 40,000 retailers they are working with since 2016. The acquisition will help both the companies speed up their growth in the Asian region and unlock the huge potential through its massive consumer opportunities across retail, fashion, F&B and FMCG markets. Fave currently operates in 35 cities across Singapore, Malaysia, and Indonesia, and is set to arrive in India in late 2021.
Source: Business World
