Merchant commerce platform and Unicorn Pine Labs has acquired Fave, a Southeast Asian fintech platform in a transaction worth about $45 million. Post the deal Fave’s founders will have their roles expanded to lead the overall consumer platform for the group across Asia.

The company stated that the acquisition will assist both the companies to accelerate their growth in the Asia region. It will also unlock massive consumer opportunities across retail, F&B, fashion, and FMCG markets for the group. The deal will also reinforce Fave’s market position in Southeast Asia.

The fintech firm will also be hiring new employees in Southeast Asia (SEA) and India to accelerate cashless payments and smart savings across the region. The firm claims to have enabled six million consumers in SEA to save over $400 million across 40,000 retailers since 2016.

“Consumers have tremendous choices in their payment types. They want to be sure that they save on every transaction. Fave assist consumers apply their best rewards, coupons, gift cards and cashback on all transactions in a seamless manner,” said B Amrish Rau, CEO, Pine Labs.

Indian consumers will be able to make use of the Fave app later this year to save across 500,000 merchant network points powered by Pine Labs across 3,700 cities in the country. The app will be introduced across all major Indian cities. Pine Labs said that the introduction of the Fave app in the Indian market comes at a time when UPI has grown to 2.7 billion transactions. Pine Labs insist to have recorded a growth of 171 percent in UPI transactions over the last two quarters.

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