Southeast Asia’s fast-growing fintech platform Fave has raised an undisclosed amount of funding from Noida-based merchant commerce fintech platform Pine Labs.
According to the statement published by Fave, the company’s QR code will become interoperable & integrated with Pine Lab’s terminals, facilitating a single, safe, and seamless platform for digital payments and loyalty solutions in all terminals across Southeast Asia.
B Amrish Rau, CEO at Pine Labs, stated,
“We’re excited to invest in Fave and partner with their leadership to provide integrated merchant commerce in Southeast Asia. Fave’s expertise in operating merchant loyalty programmes & the QR space and our own expertise in providing payments, loyalty, and gift solutions will help merchants in the region navigate expansion in the post-COVID-19 world.”
A win-win situation for users of both platforms
Based in Malaysia, Fave is a popular fintech platform that provides QR payments and Loyalty Cashback to restaurants and retailers, and with this partnership, it will expand into both debit and credit card platforms through Pine Labs payment terminals.
Further, merchants working with Pine Labs will also gain access to Fave’s loyalty solutions & reward their customers with cashback and will also be able to enjoy consolidation of payments & gain access to transparent reporting, payment reconciliation, customer insights & demographic data via access to Fave’s digital dashboard- Favebiz.
Fave and Pine Labs are both popular fintech platforms in their region and have operations across Southeast Asia. The Indian fintech company processes payments of over $30 billion per year and serves over 150k merchants across approximately 450k network points in the country.
Fave, on the other hand, operates across 35 cities across Malaysia, Singapore, and Indonesia.
The partnership will help to aims to scale and grow more businesses digitally in the coming months and will benefit nearly 50k of Fave’s and Pine Labs’ merchants in Southeast Asia immediately.