Fave Wants to Be Merchant Super App
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Singapore-based Fave is onboarding merchants quickly to distinguish itself, as competition in the mobile rewards and mobile wallet space heats up.
Fave has recently moved into the fringes of financial services, with a pilot project to help small and medium enterprises (SMEs) obtain micro-loans from financial institutions. The move appears to follow similar moves by lifestyle apps such as Grab, that offer micro-loans to consumers in other parts of Southeast Asia.
There are all these consumer super-apps, but then, actually we are like a merchant super-app platform,» said Fave’s chief executive Joel Neoh.
Fave distributes coupons for the merchants while rewarding customers with cashback. After its launch in 2017, Fave acquired the Singapore, Malaysia and Indonesia units of Groupon. Neoh was the founder of Fave Malaysia (originally GroupsMore) and previously led Groupon’s Asia-Pacific business.
So far, the platform has more 25,000 merchants on its platform in Singapore, Malaysia and Indonesia, where the company had acquired the units of Groupon. In September 2018, Fave raised $20 million in Series B funds from existing investors Sequoia Capital India, SIG Asia Investments and venture capital firm Venturra Capital, which is backed by Indonesia’s Lippo Group.
Questions & Answers
Q.What is Fave's primary business model for its merchants and customers?
What is Fave's primary business model for its merchants and customers?
Fave distributes coupons for merchants and rewards customers with cashback. The company aims to be a merchant super-app platform, distinguishing itself in the mobile rewards and mobile wallet space.
Q.Which specific financial service has Fave recently launched as a pilot project?
Which specific financial service has Fave recently launched as a pilot project?
Fave has launched a pilot project to help small and medium enterprises (SMEs) obtain micro-loans from financial institutions. This move follows similar actions by lifestyle apps in Southeast Asia.
Q.When and where did Fave expand its operations by acquiring parts of Groupon?
When and where did Fave expand its operations by acquiring parts of Groupon?
After its launch in 2017, Fave acquired the Singapore, Malaysia, and Indonesia units of Groupon. This expansion contributes to its current platform with over 25,000 merchants.
Q.Which investors contributed to Fave's Series B funding round in September 2018?
Which investors contributed to Fave's Series B funding round in September 2018?
Fave raised $20 million in Series B funds from existing investors Sequoia Capital India, SIG Asia Investments, and Venturra Capital. Venturra Capital is backed by Indonesia’s Lippo Group.
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