Singapore’s Pine Labs Bags a $45M Coup with Fave
In a move that’s set the e‑commerce world abuzz, Pine Labs— the Singapore‑based merchant services powerhouse— has snapped up Indonesian‑led fintech and shopping app Fave in a deal worth more than $45 million (≈S$60.3 million). The deal is a mix of cash and equity, with the aim of pushing both firms onto the global stage.
Who’s Who in the Deal?
- Cash for investors: Fave’s backers— Sequoia India, SIG Asia Investments from China, and Indonesian VC Venturra Capital— will walk away with a hefty all‑cash payout.
- Cash plus shares for the talent: Founders and key Fave employees receive a combo of cash and shares in Pine Labs, ensuring the core team stays motivated.
The Backstory
Pine Labs already had ties with Fave, investing back in July and forming a strategic partnership. Now, the partnership turns into ownership, making the combined entity a force to reckon with across Asia.
Geographic Footprint
Fave has been a familiar name in Malaysia, Singapore, and Indonesia, thanks to its early acquisition of Groupon’s regional entities in 2016 and 2017. This year, they’re opening doors in India, expanding their footprint even further.
Why the Shake‑up?
The purchase is all about growth—capital, reach, and a stronger product offering. With Pine Labs’ robust payment infrastructure and Fave’s knack for community‑driven commerce, the duo is poised to light up markets from Jakarta to New Delhi.
Bottom Line
Think of it as a mega‑merger where both sides get a win: Fave’s investors get a clean cash check, while the internal crew gets a stake in the future of online commerce. The partnership is emblematic of Asia’s budding fintech renaissance, signaling that big moves are still on the horizon.
