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The country’s unicorn payment company Pine Labs has acquired the Malaysian payments application Fave in a deal of $ 45 million. The acquisition is definitely horizontal as both the firms are currently dealing in the payments domain. The strategy for acquisition ahead is more consumer centric. Let’s get inside to know more.



Pine Labs Pvt. Limited was founded in the year 1998 which is currently dealing at a valuation of $ 1 billion. It comes in the category of catering to merchants by making software in the form of Point Of sale machines. They basically provide a complete ecosystem of 360 degree payment solutions. It is a break-through company in the area of fintech. It is currently dealing with 70000 retailers with 3.5 POS terminals in 3700 cities nationally & internationally.

It has a prominent client base with major brands like Marks & Spencers , Pantaloons, Shoppers Stop & Westside. The funding details of the company are as follows:


May 2018 $ 125 million from Pay Pal & Temaesk Holdings
March 2018 $ 82 million from Actis Capital
Jan 2020 Funding from Mastercard


The company’s major offerings are:


  • Instant EMI
  • Instant Discounts
  • Cashback Programs
  • Payby Points
  • Loyalty Solutions
  • eWallet
  • Targeted Promotions
  • Dynamic Currency Conversion
  • Gift Solution


The financial position of the company is definitely showing an optimistic signal as there has been a 43% growth in revenue but the losses have also seen a rise.



The company on Tuesday announced that it has acquired Malaysian Payments App Fave in a deal amounting to $ 45 million. The strategy ahead followed by Pine Labs is to develop a dedicated vertical for major South East countries like Malaysia, Singapore, Indonesia and many more.

Fav has a strong presence in these areas and therefore this acquisition is a mode to move into that untapped market. It has close to 40000 retailers in the area which are having a volume of $ 400 million.

On the other hand; Malaysian platform is expected to come up with its application in India which will add more 5 lakh merchants to Pine labs ecosystem.



Pine Labs after this acquisition is looking ahead in a very strong manner as it will head towards striking the market in US by the year 2022. Another major change that can be looked forward to is that Fave will gets its UPI approval allowing both the brands to enter in a more deeper manner.


The founder of Pine Labs on acquisition stated that “Consumers have tremendous choices in their payment types. They want to be sure that they save on every transaction. Fave helps consumers apply their best rewards, coupons, gift cards and cashbacks on all transactions in a seamless manner. Joel and the Fave team have built a loyal consumer base with their smooth checkout experience. We are excited to partner with them in this journey in South East Asia and India.”


The Fave Founder Joel Neoh; also expressed his excitement to work with Pine labs and is planning to work in a synergistic manner.


Fintech has seen a spike; but the step taken by Indian companies towards acquiring international start-ups is commendable. It shows that we are not only targeting growth in figures but the constant motto is to expand and tap the potential market.



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