SINGAPORE (Sept 6): Fave, Southeast Asia’s largest mobile loyalty and rewards online to offline (O2O) platform, today announced that it has raised more than US$20 million ($27.5 million) in a Series B round from strategic and existing investors including Sequoia India, SIG Asia Investment and Venturra Capital.
The Fave platform helps retail businesses reach out to millions of customers with special offers, bookings, and cashback solutions, while its FavePay product offers a cashless mobile payment experience.
To date, Fave has helped tens of thousands of offline businesses reach mobile consumers. In 2018 alone, the platform will drive more than US$100 million in revenue to these businesses.
Leveraging on the large market of digital consumers in the region, 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 says, “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,” Neoh adds.