Pine Labs acquires Fave to mark entry in consumer payments
Pine Labs has announced the acquisition of Fave for $45 million, as it looks to double down on the consumer payment category in India and Southeast Asian markets.
With the acquisition, Fave will bring its consumer loyalty offering to India and will launch a separate app for consumers. This marks Pine Labs' foray into consumer payments within its home country.
Fave’s investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and Pine Labs shares.
The platform allows users to make QR-based offline payments through the app and alerts them about offers, cashbacks and loyalty benefits, which the store is running during the payment process.
Fave will be offering unified payments interface (UPI)-based payments for Indian consumers, and is awaiting necessary approvals from the National Payments Corporation of India (NPCI) for its launch in India.
B. Amrish Rau, Chief Executive Officer (CEO), Pine Labs, says, “More and more offline merchants want to create engagement programmes with their existing customers to boost loyalty and store walk-ins. However, the cashbacks and loyalty experience is broken in the offline world. Through Fave, consumers can be apprised of these benefits under one ecosystem, assisted by Pine Labs’ deep partnership with these merchants".
The acquisition will also help both companies accelerate their growth in the Asia region and unlock massive consumer opportunities across domains of retail, food & beverage, fashion and FMCG. Last December, Mint first reported that Pine Labs was entering Southeast Asian markets of Thailand, Philippines, Vietnam, Singapore and Indonesia with its "Buy Now Pay Later" credit offering through a partnership with investor Mastercard.
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