Pine Labs acquires Fave to mark entry in consumer payments
By MYBRANDBOOK
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.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
ALPHAMAX TECHNOLOGIES PVT. LTD.
FRESHWORKS TECHNOLOGIES PVT. LTD.
FIRE BOLTT
SAMRIDDHI AUTOMATIONS PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Arjun Malhotra
Arjun Malhotra, the Chairman of Magic Software Inc., is widely recogni...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
ICONS OF INDIA : S KRISHNAN
S Krishnan as the secretary for the electronics and information techno...
PARTNER SPEAKERS
PSU
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
