PINE LABS BUYS FAVE FOR OVER $45 MN

NEW DELHI: Payment solutions provider Pine Labs on Tuesday said it has acquired consumer fintech platform Fave in a deal valued over USD 45 million (about Rs 339 crore). Fave's founders will have their roles expanded to lead the overall consumer platform for the group across Asia. Fave will also be hiring over 100 new employees in South East Asia and India, a statement said. Its investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and Pine Labs shares, it added. Fave has enabled six million consumers in South East Asia to save over USD 400 million across 40,000 retailers since 2016. It operates in 35 cities across Malaysia, Singapore and Indonesia.