Fave

High-Level Overview

Fave, incorporated as Fave Asia Sdn Bhd, is a Malaysian fintech company operating a digital platform that connects consumers with local businesses for deals on dining, beauty, fitness, retail, and services via a mobile app and web interface.[1][2] It solves the problem of discovering and redeeming discounts by streamlining purchases, boosting consumer exploration and merchant traffic/sales through merchant acquisition, promotions, payment processing, and data analytics.[1] Originally launched as KFit in 2015 for fitness subscriptions, it pivoted after acquiring Groupon operations in Southeast Asia, raised $32M+ in funding, and was acquired by Pine Labs in 2021 for $45M, achieving regional growth before exiting Indonesia in 2023.[2]

Origin Story

Fave traces its roots to 2015 when Joel Neoh, founder of Groupsmore (acquired by Groupon and rebranded as Groupon Malaysia), launched KFit as a subscription-based fitness app providing access to gyms, yoga studios, and fitness centers in Malaysia.[2] After leaving Groupon, Neoh secured $12M in Series A funding in February 2016 from Sequoia Capital, Venturra Capital, SIG, and Axiata, enabling acquisitions of competitor PassportAsia and Groupon's operations in Singapore, Malaysia, and Indonesia.[2] In July 2016, KFit debuted the Fave app for broader deals in food, activities, and fitness, integrating KFit by year-end; a $20M Series B followed in 2018.[2] Leadership shifted in 2023 with Neoh stepping down as CEO to Chen Chow, a co-founder and former COO.[2]

Core Differentiators

• Seamless Local Commerce Platform: Intuitive mobile app and web interface for discovering, buying, and redeeming deals from restaurants, salons, fitness centers, and retailers, emphasizing convenience for digitally savvy consumers in SME-heavy markets like Malaysia.[1]
• Merchant-Centric Growth Engine: Focuses on acquisition, partnerships, promotions, payment processing, and data reporting to drive traffic and sales for local businesses.[1]
• Rapid Pivot and Expansion: Evolved from niche fitness (KFit) to broad fintech via strategic acquisitions of Groupon assets, demonstrating adaptability in Southeast Asia's deal market.[2]
• Tech-Enabled Operations: Key activities include app optimization, logistics, content curation, and customer engagement, creating value for both sides of the marketplace.[1]

Role in the Broader Tech Landscape

Fave rode the wave of digital transformation in Southeast Asia's burgeoning middle class and SME sector, bridging offline local businesses with mobile-first consumers amid rising demand for value-driven experiences post-2015.[1][2] Its timing capitalized on Groupon's regional retreat, filling the void through acquisitions and pivoting to a comprehensive deals platform during fintech's explosive growth.[2] Market forces like smartphone penetration, e-commerce adoption, and post-pandemic recovery favored its model, influencing the ecosystem by setting benchmarks for seamless local commerce and enabling merchants to compete digitally.[1] The 2021 Pine Labs acquisition integrated it into larger payment/fintech plays, while the 2023 Indonesia exit reflects maturing consolidation in emerging markets.[2]

Quick Take & Future Outlook

Post-acquisition by Pine Labs, Fave is positioned for deeper integration into payment ecosystems, potentially expanding rewards and fintech services under new leadership like Chen Chow.[2] Trends like AI-driven personalization, embedded finance, and regional SME digitization will shape its path, with evolving consumer needs and tech integrations driving sustained relevance.[1] Its influence may grow through Pine Labs' network, evolving from a standalone deals app to a key player in everyday commerce, reinforcing its role in making local experiences rewarding and accessible.