Fave

Fave operates as a fintech platform in Southeast Asia, providing a smart payment application for consumers and a merchant-focused platform called FaveBiz. The company's journey began in 2015 when it was founded as KFit, a fitness subscription service, by Joel Neoh, Chen Chow Yeoh, and Danny Yeung in Kuala Lumpur, Malaysia. Joel Neoh's background is deeply rooted in the local e-commerce scene; he previously founded a daily deals site, Groupsmore, which was acquired by Groupon in 2011, and he subsequently led Groupon's Asia Pacific operations. Recognizing a larger opportunity in multi-category local commerce, the founders pivoted KFit.

A significant milestone occurred between 2016 and 2017 when the company acquired Groupon's operations in Singapore, Malaysia, and Indonesia, rebranding and integrating them into the Fave app. This strategic shift moved the company from a fitness-only model to a broader online-to-offline (O2O) deals and discovery platform. In April 2021, Fave was acquired by Pine Labs, an Indian merchant commerce platform, for approximately $45 million, although it continues to operate as an independent brand. Following the acquisition, founder Joel Neoh stepped down as CEO in early 2023, with co-founder Yeoh Chen Chow taking over leadership.

Fave's business model serves two distinct client types: consumers and merchants. For consumers, the Fave app is a one-stop-shop to discover and purchase deals for a variety of local businesses, including restaurants, beauty salons, and fitness centers. The platform's key consumer-facing product is FavePay, a mobile payment service that allows users to pay via a QR code and receive cashback rewards, which can be used on subsequent purchases at the same merchant. This system creates a loyalty program, encouraging repeat business for merchants. For merchants, FaveBiz offers a suite of tools to digitize their operations. These tools enable businesses to accept various cashless payments, create marketing campaigns, access data analytics on business performance, and manage their own cashback loyalty programs to retain customers.

Revenue is generated through several streams. The company takes a commission on each deal purchased through the platform and charges a small fee to merchants for every transaction made via FavePay. Additional revenue comes from businesses paying to participate in loyalty programs and from facilitating financing options for small and medium-sized enterprises (SMEs) by partnering with financial institutions. By connecting online users with offline businesses, Fave aims to accelerate the digital transition of the retail economy across its operating markets in Malaysia, Singapore, and India.

Keywords: mobile payments, fintech, cashback rewards, loyalty programs, merchant services, O2O platform, deals and discounts, QR code payments, Southeast Asia tech, e-commerce marketplace, consumer savings app, FavePay, Pine Labs, Joel Neoh, FaveBiz, SME digitalization, customer retention tools, online-to-offline, retail technology, merchant analytics