Singapore's Pine Labs acquires payments platform Fave in $60 million deal

Founders and key Fave employees will receive both cash and shares of Pine Labs.
Founders and key Fave employees will receive both cash and shares of Pine Labs.PHOTO: FAVESINGAPORE/FACEBOOK

KUALA LUMPUR (REUTERS) - Singapore-incorporated merchant commerce platform Pine Labs has acquired e-commerce and fintech firm Fave in a cash and equity deal valued at over US$45 million (S$60.3 million), for joint global expansion, the companies said on Tuesday (April 13).

In a joint statement, the companies said Fave's investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and shares of Pine Labs.

Fave counts Sequoia India, China-based SIG Asia Investments and Indonesian venture capital firm Venturra Capital as its investors. Pine Labs became an investor in Fave last July, when both formed a strategic partnership.

Fave operates in Malaysia, Singapore and Indonesia, after acquiring Groupon's businesses in those markets in 2016 and 2017. It will be launching in India this year.