Merchant Commerce Solutions provider Pine Labs said on Tuesday that it has acquired consumer fintech platform Favre in a deal worth more than $ 45 million as part of its expansion plans.
Fave’s investors said in a statement, while the founders and chief Favre’s employees would receive cash and shares of Pine Labs, Pine Labs said in a statement. The company said that the fountain will be installed in Southeast Asia and India to hire more than 100 new employees.
Following the acquisition, the Fave will be introduced to Indian consumers later this year. “The acquisition will help both companies accelerate their growth in the Asia region and unlock large-scale consumer opportunities in the retail, F&B, fashion and FMGG markets. Joining forces with Pine Labs will strengthen Fave’s market position in Southeast Asia.
“Fave helps consumers to seamlessly apply their best rewards, coupons, gift cards and cashbacks on all transactions … We are excited to partner with them in this journey to Southeast Asia and India , ”Said B. Amrish Rau, CEO, Pine Labs.
Fell co-founder and CEO Joel Noh said India had a digital advantage with a younger demographic, growing middle class and increasing digital savings with increasing disposable income. “We are confident that the APAC e-payment landscape will continue to achieve exponential growth in the coming decade. Together, we will be stronger, faster and better. “
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