Pine Labs invests in Fave
Pine labs- a Noida based company chose to invest in Fave-finchet firm of Malaysia. The investment paves a broader way to tie-ups between the two companies.
Fave is a QR Code platform in Malasia which will now integrate with Indian Company- Pine Labs. The amount invested in Fave is not disclosed by Pine Labs team.
In 2018, Pine labs received a huge amount of funding from Singapore Investment firm Temasek and PayPal of about $125 million which helped Pine labs in expansion.
Pine Labs and Fave will work towards a more cashless solution approach for small and medium scale enterprises.
The Merchants working in Southeast Asia of Pine labs will also have access to the solutions and cashback programmes.
“Fave’s expertise in operating merchant loyalty programmes and the QR space and our own expertise in providing payments, loyalty and gift solutions will help merchants in the region navigate expansion in the post-COVID-19 world,” Pine Labs chief executive officer Amrish Rau explained.
Fave was founded in 2015- It connects merchants and consumers and acts as a mediator and accumulator for payment service providers such as Mastercard and American express. Currently, the company is operating in Singapore, Malaysia and Indonesia.
Pine Labs is an Indian company based in Noida. It was founded in 1998 by Rajul Garg.
In beginning, the primary focus of the company was in smart-card based payments and solutions for Indian Petroleum companies.
Rajul Garg quitted Pine Labs in 2003 and then it was overtaken by IIM-B Graduate Lokvir Kapoor.
The investment plan of Pine in Fvae’s came after the appointment of Rau as CEO of Pine Labs who took the position of Vicky Bindra.
In January, reports and sources revealed that Mastercard agreed to make an investment of as much as part of a larger $300 million.
Pine and Fave, together are aiming for Cashless solutions to convert business lifestyle into more digitalized format platforms.