Pine Labs invests, ties up with Southeast Asian fintech startup Fave

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Pine Labs, one of India’s largest card payments company, has invested an undisclosed amount of money and also entered into a strategic partnership with Fave, a fintech platform offering QR code payments to restaurants and retailers in Southeast Asia.

This is an important partnership for the Noida-based company which has been looking for fresh opportunities abroad. While the arrangement will help Pine Labs strengthen its presence in Southeast Asia, it will also enable Fave’s entry into card payments.

“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 said on July 22.

Through the partnership, Fave’s QR code will become integrated with Pine Labs’ terminals to enable a seamless payments experience for consumers. This will also enable Fave to expand into debit and credit card payments via the terminals.

Pine Labs has raised major funding rounds recently from PayPal, Temasek and Mastercard. The company has a presence in West Asia and Southeast Asia besides India.