Fave exits Indonesia to focus on other ‘core markets’

Photo credit: Fave

Fintech firm Fave has exited Indonesia to focus on its core markets of Singapore and Malaysia as well as its new Indian operations.

Confirming the news to Tech in Asia, the company said its withdrawal from Indonesia took effect on April 1. The company has advised customers to redeem their vouchers and e-cards by May 31.

Fave also added that it will keep serving merchants in the country through its sister company QwikCilver – which offers end-to-end B2B gift card solutions – as well as other offerings from its parent firm, Pine Labs.

The company said it can’t specify the number of Indonesian staff affected by the move. “We are taking steps to minimize any impact on our employees. Fave’s priority is to ensure that our employees are treated fairly and with respect throughout this transition,” a spokesperson added.

The development follows Joel Neoh, co-founder and CEO of Fave, stepping down last month. At the time, Neoh said in a statement that “millions of consumers across Malaysia, Indonesia, and India use Fave on a daily basis for payments and rewards.”

Fave, which began as gym subscription service KFit in 2015, got a new lease on life when it acquired Groupon’s businesses in three Southeast Asian countries two years later.

Fave offers eCard, a digital card that provides cashback, as well as a digital payments system, a deals portal, and a buy now, pay later service. The startup said it reached its highest volumes of transactions with a 40% quarter-on-quarter growth at the end of 2022.

The company was acquired by Pine Labs in 2021 in a US$45 million deal.

See also: Southeast Asia’s thriving buy now, pay later players (update)

Update (April 19, 5:30 p.m. SGT): This article was updated to include additional comments from Fave.