Pine Labs, the Indian merchant commerce platform backed by PayPal Holdings, Temasek Holdings and Sequoia India, has acquired Southeast Asian loyalty and cashback platform Fave to expand its consumer business.

The deal is valued at more than US$45 million ($60.36 million) in cash and stock. Following the acquisition, Pine Labs will launch the Fave payments app in India across a network of 500,000 merchants on its platform, the companies said in a statement on Tuesday.

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