Fave
Fave operates FaveBiz, an all-in-one digital merchant platform serving over 30,000 small and medium-sized businesses across Malaysia, Singapore, and Indonesia with cashless payments, customer loyalty cashback programs, deal marketing, BNPL, and merchant analytics.
- Company typePrivate
- Founded2015
- HeadquartersKuala Lumpur, Malaysia
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What Fave does
Fave operates FaveBiz, an all-in-one digital merchant platform serving offline small and medium-sized businesses across Southeast Asia, with over 30,000 merchants on the platform and millions of active consumer users. Founded in 2015 and headquartered in Kuala Lumpur, Malaysia (operating as Fave Asia Technologies Sdn. Bhd.), the company is present in 35 cities across Malaysia, Singapore, and Indonesia. The platform delivers cashless payment acceptance (FavePay) supporting Visa, Mastercard, GrabPay, Boost, and Alipay; customer retention tools (Cashback, Smart Cashback, eCards); marketing and deal distribution (FaveDeals with seasonal campaigns such as Fave Friday and Fave Payday); Buy Now Pay Later (FavePay Later); merchant analytics (FaveBiz Insights, powered by Nugit); and Pine Labs POS terminal integration. The underlying architecture is a modular platform-plus-add-ons model with self-serve onboarding via the FaveBiz mobile app, real-time payment processing, voucher redemption, customer account management, and free monthly insights delivered by email.
The business model is transaction-based with no upfront merchant fees. Fave generates revenue through per-transaction payment processing fees on FavePay, a flat-rate commission on every FaveDeals voucher sold, and BNPL economics on FavePay Later. The go-to-market is primarily product-led growth with self-serve onboarding, supplemented by on-ground brand ambassador teams for enterprise merchants, strategic channel partnerships (Grab, Boost, Lazada, Tokopedia, OVO, Carlsberg, AirAsia, CIMB, HSBC), and government-backed programs such as the Growth Malaysia initiative with the Ministry of Entrepreneur Development. F&B accounts for an estimated 50-60% of the platform, with Beauty & Wellness, Retail, and Travel/Fitness/Activities as additional verticals. The company has pursued a super-app-for-merchants strategy, evidenced by Series C fundraise initiation in 2019 and acquisitions of CutQ and FoodTime (2019) for table-ordering capabilities, Groupon Singapore (2017), and Groupon Indonesia (2016) for geographic expansion.
Fave firmographics
Firmographics- Name
- Fave
- Legal name
- Fave Asia Technologies Sdn. Bhd.
- Website
- https://favebiz.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Fave operates FaveBiz, an all-in-one digital merchant platform serving over 30,000 small and medium-sized businesses across Malaysia, Singapore, and Indonesia with cashless payments, customer loyalty cashback programs, deal marketing, BNPL, and merchant analytics.
- Ownership category
- akta.pro rank
Fave industry classification
Industry- Product category
- Merchant Payment Platform
- akta.pro primary industry
- BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG)
- akta.pro secondary industries
- Merchant Services Aggregators & SMB Acquirers (FSAMABAK), General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)
Keywords
Where Fave is headquartered
LocationHeadquarters
- HQ city
- Kuala Lumpur
- HQ country
- Malaysia
- HQ region
- Asia
Offices1 record
Markets served
Fave business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Marketing or Sales, Personnel, Operations, Infrastructure
Revenue model
- Transaction/Payment Processing Fees: FavePay processes cashless payments for merchants (Visa, Mastercard, e-wallets). Merchants integrate FavePay as a payment mode, and Fave earns a fee per transaction processed.
- FaveDeals Commission: Merchants list vouchers and deals on the Fave platform. Fave earns a fair, flat-rate commission upon every voucher purchase made through the platform. No upfront fee or setup costs required for merchants.
- Cashback Program: Merchants set cashback amounts issued to customers on purchases. This drives customer loyalty and repeat visits. Cashback is funded by merchants and drives transaction volume through the Fave platform.
- FavePay Later (BNPL): Buy Now Pay Later service enabling customers to split purchases into 3 interest-free installments. Merchants offering this service have reported a 46% increase in average order value.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Pay-per-transaction model with no upfront fees |
| Freemium | Monthly | Free merchant signup and platform access |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels8 records
Fave product offering
Product offeringCore offering
FaveBiz is an all-in-one digital merchant platform that enables offline and online merchants across Southeast Asia to accept cashless payments (FavePay), run customer loyalty and cashback programs, distribute deals and marketing campaigns to millions of Fave consumers (FaveDeals), issue digital gift and membership cards (eCards), and access data analytics on business performance. The platform primarily serves SMB merchants in food & beverage, beauty, retail, and services verticals across Malaysia, Singapore, and Indonesia.
Product overview
FaveBiz is a unified platform-plus-modules architecture for merchants. The core FaveBiz platform enables offline businesses to accept payments, track sales, and grow through technology. It integrates FavePay (mobile payments), Cashback (customer loyalty), Smart Cashback (time-based rewards), eCards (digital gift cards), FaveDeals (marketing campaigns), FavePay Later (BNPL), FaveBiz Insights (analytics), and Pine Labs Terminal (card payments). These modules work together to provide an all-in-one digital merchant ecosystem.
Differentiator
Problem solved
Functional benefit
Brands
- FavePay: Mobile payment service accepting various forms of cashless payments including Visa, Mastercard, GrabPay, Boost, and Alipay
- FavePay Later
- Cashback
- Smart Cashback
- eCards
- FaveDeals
- Fave Friday
- Fave Payday
Products and services
- FaveBiz
Quantifiable outcome
- 2.5x increase in sales during non-peak hours with Smart Cashback
- +7 more outcomes
Companies that use Fave
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles2 records
Fave technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature7 records
Fave partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered flagship, core and minor.
- Ministry of Entrepreneur Development (Malaysia)flagshipThe Ministry of Entrepreneur Development collaborated with Fave on the Growth Malaysia initiative to help 100,000 restaurants across Malaysia grow digitally by 2020. The initiative covered mobile payments, loyalty cards, food delivery, data insights, and financial services for SMEs.
- GrabflagshipStrategic tie-up between Fave and Grab to expand in Singapore and Malaysia. Combined platforms offer merchants and consumers integrated access to payments, deals, and delivery services across both ecosystems.
- MaybankcoreMaybank partnered with Fave under the Growth Malaysia initiative to help Malaysian SMEs digitize their businesses. Maybank provides financial services access to Fave's merchant network.
- Funding SocietiescoreFunding Societies, a P2P lending platform, partnered with Fave under Growth Malaysia to provide easier access to financial services and working capital for Malaysian SME merchants on the Fave platform.
- NugitcoreFave partnered with Nugit to power Favebiz Insights, a data insights tool that provides offline merchants with analytics on customer behaviour and business performance.
- CarlsbergminorCarlsberg is listed as a periodical partnership brand on the FaveDeals marketing platform, suggesting joint campaigns or promotions to drive sales through Fave's merchant network.
- GrabflagshipGrab and Fave have an ongoing strategic partnership that includes joint marketing campaigns, cross-platform promotions, and expansion in Singapore and Malaysia.
- BoostcoreBoost is a marketing partner on the FaveDeals platform, enabling cross-promotions and integrated campaigns between the two e-wallet platforms.
- AirAsiaminorAirAsia is a periodical partnership brand on FaveDeals, indicating joint promotional campaigns to drive travel and lifestyle purchases through Fave's platform.
- CIMBminorCIMB is listed as a partnership brand on FaveDeals, suggesting joint promotions, cashback campaigns, or cross-platform offers for customers.
- HSBCminorHSBC is listed as a partnership brand on FaveDeals, indicating joint promotional campaigns with the bank to drive customer spending through Fave's platform.
- TokopediaminorTokopedia is listed as a marketing partner on FaveDeals, suggesting cross-promotional campaigns between the e-commerce platform and Fave's merchant network.
- LazadaminorLazada is listed as a marketing partner on FaveDeals, indicating joint promotional campaigns to drive online and offline commerce between the platforms.
- OVOminorOVO is listed as a marketing partner on FaveDeals, suggesting cross-promotional campaigns between the Indonesian digital payments platform and Fave's merchant ecosystem.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Fave competitors and assessment
Company assessmentDirect peers
- Grab (GrabPay): Grab is Southeast Asia's leading super-app, offering GrabPay mobile payments, merchant acquiring, deals, and loyalty — directly overlapping with Fave's payments, cashback, and FaveDeals offerings. Notably, Grab is also a strategic partner of Fave, making it both ally and direct competitor.
- Touch 'n Go eWallet: Touch 'n Go eWallet is one of Malaysia's leading mobile payment platforms, offering QR payments, merchant acquiring, deals, and loyalty across the same SMB segments Fave targets. Backed by CIMB and others, it is a direct competitor in Fave's home market.
- Boost: Boost is a Malaysian e-wallet and merchant payment platform that also appears as both a partner and competitor of Fave. It offers mobile payments, cashback rewards, and merchant services in overlapping F&B, retail, and lifestyle verticals.
- iPay88 (NTT Data): iPay88 is a long-established Malaysian and SEA payment processor and merchant acquirer, providing online and offline payment gateway services. It competes directly with FavePay in SMB merchant acquiring across Malaysia, Indonesia, and other SEA markets.
- Razer Merchant Services (Razer): Razer Merchant Services is a Southeast Asian online payment gateway and merchant acquiring service operating across Malaysia, Singapore, and other regional markets. It is a direct competitor in payment processing for SMB and enterprise merchants.
- Revenue Monster: Revenue Monster is a Malaysian fintech providing e-wallet, mobile payment, and merchant loyalty solutions for F&B and retail SMBs. It competes directly with Fave in merchant payments, cashback, and customer engagement in Malaysia.
- Omise (Opn): Omise is a Southeast Asian payment gateway and merchant acquiring platform operating in Thailand, Singapore, Japan, and Indonesia. It is a direct competitor in online and offline payment processing for SMB and enterprise merchants.
Broad incumbents
- Shopee (Sea Group): Sea Group operates Shopee, a dominant SEA e-commerce platform with embedded payments, merchant services, and consumer deals. While primarily an online marketplace, Shopee Pay and Shopee Food increasingly compete with Fave for SMB merchant mindshare and consumer engagement.
- Square (Block): Square by Block is a global SMB-focused payments, POS, and merchant services platform. While not active in SEA, it represents the global benchmark for integrated SMB payments + analytics that Fave aspires to in product breadth and merchant experience.
Emerging players
- Atome: Atome is a leading Southeast Asian BNPL provider offering interest-free installment payments to consumers at online and offline merchants. It directly competes with FavePay Later in the same SMB merchant base and SEA geographies.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Fave social profiles
Digital presenceFave financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fave leadership team
Management profileNumber of profiles
Profiles2 records
Fave subsidiaries and ownership
Company hierarchySubsidiaries2 records
Fave funding detail
Funding detailFunding overview
Funding rounds4 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fave M&A and investment
M&A and investmentM&A4 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fave
What does Fave do?
FaveBiz is an all-in-one digital merchant platform that enables offline and online merchants across Southeast Asia to accept cashless payments (FavePay), run customer loyalty and cashback programs, distribute deals and marketing campaigns to millions of Fave consumers (FaveDeals), issue digital gift and membership cards (eCards), and access data analytics on business performance. The platform primarily serves SMB merchants in food & beverage, beauty, retail, and services verticals across Malaysia, Singapore, and Indonesia.
Is Fave a public or private company?
Fave is a private company. It is classified as venture growth investor backed and is currently operating.
When was Fave founded?
Fave was founded in 2015. It employs 251 to 500 people.
Where is Fave based?
Fave is headquartered in Kuala Lumpur, Malaysia, in the Asia region.
How does Fave make money?
Four revenue lines are on record. Transaction/Payment Processing Fees are the primary driver. The others are faveDeals Commission, cashback Program and favePay Later (BNPL).
Who are Fave's main competitors?
Direct peers on record are Grab (GrabPay), Touch 'n Go eWallet, Boost, iPay88 (NTT Data), Razer Merchant Services (Razer), Revenue Monster and Omise (Opn). Broad incumbents are Shopee (Sea Group) and Square (Block). Atome is listed as an emerging player.
Does Fave have an API?
No public API is recorded for Fave.
What industry is Fave in?
Fave's product category is Merchant Payment Platform. Its primary akta.pro industry code is FSAGAIAG, BNPL Consumer Apps & Wallets (Discovery, Management), with a secondary code of FSAMABAK, Merchant Services Aggregators & SMB Acquirers.