Temasek-Backed Pine Labs Acquires Asian Payments App Fave
- Deal is valued at more than $45 million in cash and stock
- Pine Labs will launch the Fave app in India later this year
Fave Co-Founder Joel Neoh will remain with the company.
Photographer: Wei Leng Tay/BloombergThis article is for subscribers only.
Pine Labs Pvt, the Indian merchant commerce platform backed by PayPal Holdings Inc., Temasek Holdings Pte and Sequoia India, has acquired Southeast Asian loyalty and cashback platform Fave to expand its consumer business.
The deal is valued at more than $45 million in cash and stock. Following the acquisition, Pine Labs will launch the Fave payments app in India across a network of 500,000 merchants on its platform, the companies said in a statement on Tuesday.