← Embedded Finance Index 2026

Fave

“Can a deals-and-cashback app become the default mobile payment and embedded finance layer for everyday lifestyle spending across Southeast Asia?”

Founded2015
HQMont Kiara, Kuala Lumpur, Malaysia
FoundersJoel Neoh, Yeoh Chen Chow
Total raised$52M+
Latest roundSeries B, 2018
IndustryFintech / Consumer banking

The story

Founded in 2015 as KFit, a fitness-subscription platform, the company pivoted sharply in 2016 by acquiring Groupon's Southeast Asia operations and rebranding as Fave — shifting from fitness SaaS to a deal/coupon marketplace. The company then added a QR-code mobile payment layer (FavePay) and cashback rewards, evolving into a consumer fintech super-app for lifestyle spending. The 2021 BNPL launch extended Fave's embedded finance ambitions further. Fave is now part of Pine Labs Group, positioning it within a broader fintech ecosystem spanning merchant acquiring and consumer credit.

Last 12 months

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Product timeline

2015

Launched as KFit, a subscription-based fitness platform giving subscribers access to gyms and studios across Southeast Asia and Australia.· pivot

2016

Acquired Groupon's operations in Singapore, Malaysia, and Indonesia; pivoted from fitness subscriptions to deal/coupon marketplace and rebranded as Fave.· acquisition

2018

Raised $20M Series B to expand across Southeast Asia; launched FavePay QR-code payment product for in-store merchant payments.· banking

2021

Launched Buy Now Pay Later (BNPL) service in Malaysia and Singapore, giving 6M+ users interest-free credit at 40,000+ stores.· lending

2021

Joined Pine Labs Group as part of its Southeast Asia expansion into consumer fintech.· acquisition

Acquisitions

Groupon Singapore, Malaysia, and Indonesia operations2016

Acquired Groupon's deal/coupon businesses in Singapore, Malaysia, and Indonesia, providing the merchant network and consumer base that enabled Fave's pivot from fitness subscriptions to a lifestyle deals marketplace.

The stack

2 layers disclosed in Fave’s embedded-finance stack

Payments / PSP

Adyen

Lending

in the full report

Accounting gap: minor

1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Fave — frequently asked

Who is Fave's payment processor?

Fave processes payments through Adyen.

What is Fave's embedded finance stack?

The Embedded Finance Index 2026 maps 2 layers in Fave's stack: Payments / PSP (Adyen); Lending (Fave BNPL (Buy Now Pay Later — interest-free, 2021 pilot)).

Who founded Fave?

Fave was founded by Joel Neoh and Yeoh Chen Chow and is founded in 2015, headquartered in Mont Kiara, Kuala Lumpur, Malaysia.

How much funding has Fave raised?

Fave has raised $52M+ in total (latest round: Series B, 2018).

What companies has Fave acquired?

Fave's acquisitions include Groupon Singapore, Malaysia, and Indonesia operations (2016).

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