Southeast Asia’s mobile O2O (online to offline) platform Fave has raised over $20 million in a Series B round from strategic and existing investors including Sequoia India, SIG Asia Investment and Venturra Capital, according to an official release.
The proceeds will be used for accelerating its growth plans and enabling the O2O platform to serve 100,000 offline businesses by 2019.
The Malaysia-based O2O platform, which was known as Kfit, is offering payments and rewards across multiple categories including food & beverage, beauty & wellness, services, activities, leisure and travel.
The company claims that in 2018, it will help drive over $100 million to businesses. Currently, these businesses offer over 40,000 active rewards to a user base of over 3 million consumers.
Last year, it announced the acquisition of Groupon Singapore, the city-state’s deals and discounts platform for an undisclosed sum.
According to data compiled by Crunchbase, Fave raised up to $15.25 million in equity funding and counts firms like 500 Startups, Axiata, Segnel Ventures and Sequoia Capital among its financial backers.
“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,” said Pieter Kemps, Principal of Sequoia Capital (India) Singapore.
Southeast Asia is poised to be a leader in mobile internet usage in 2018, according to a report by Google and Temasek. The region’s internet economy is estimated to hit $50 billion by the end of 2017, surpassing Google and Temasek’s expectations by 35 per cent. And this figure is expected to climb 300 per cent in 2025, to reach $200 billion.