JAKARTA, INDONESIA - Media OutReach - 6th September 2018 - Fave, Southeast Asia's fastest growing mobile O2O (online to offline) platform, today announced that they have raised over US$20 million in a Series B round from strategic and existing investors including Sequoia India, SIG Asia Investment and Venturra Capital.
Over the last 2 years, Fave has evolved into Southeast Asia's largest mobile loyalty and rewards platform, helping retail businesses reach out to millions of customers with special offers, bookings, and cashback solutions. Its FavePay product offers a cashless mobile payment experience and has proven to be very popular with customers due to its convenience and cashback reward.
Fave has already helped tens of thousands of offline businesses reach mobile consumers, and in 2018 alone the platform will drive over US$100M in revenue to these businesses. These businesses offer over 40,000 active rewards that are available through the Fave app, which has a 4.5* rating and has been used by 3 million consumers.
In a report by Google, Southeast Asia (SEA) was identified as one of the world's most mobile-centric regions with many consumers leapfrogging desktop PC's altogether. With an estimated 200 million digital consumers in the region, Fave is in a unique position to help offline businesses in SEA reach out to these consumers. Leveraging this large market opportunity, Fave has seen an annual growth rate of 300%, recording millions of transactions, and has seen adoption in over 15 cities across Singapore, Malaysia and Indonesia.
Joel Neoh, Founder of Fave said: "Consumer behavior is changing with buyers spending more time online than offline, and so Fave aims to help make it easy for all offline businesses to go online through the Fave platform. This helps retail businesses in food & beverage, consumer goods, lifestyle services and other categories to transform themselves to meet the needs of tech-savvy consumers in Southeast Asia.
As a mobile platform, our goal is to serve 100,000 offline businesses by 2019 and we are very excited as this funding will help us get one step closer to achieve that milestone."
Pieter Kemps, Principal of Sequoia Capital (India) Singapore said: "Everyone talks about the cashless society, but making the actual shift requires an exceptional user experience, with clear benefits for the users as well as for businesses. If you help businesses drive revenue and reduce operational burden, you can truly drive adoption and create choice for consumers. Fave knew this when it launched FavePay. Sequoia India has been impressed with their execution and exceptional growth, and is happy to support Fave on their journey to create a cashless society."
Fave has fast become one of Southeast Asia's leading internet companies and this new round of funding will ensure the company can continue to accelerate its exponential growth for the benefit of both offline retail businesses and consumers.
Fave, the leading mobile O2O platform in Southeast Asia, offers payments and rewards across multiple categories including food & beverage, beauty & wellness, services, activities, leisure and travel.
Fave has connected millions of customers to offline businesses in key Southeast Asian market centres. Their mission is to help offline and retail businesses across SEA grow and succeed through it's mobile platform. For consumers, Fave provides everyday convenience and rewards at their favourite places.