Malaysia-based O2O (online to offline) platform Fave has announced it has raised US$20 million in a Series B round from investors including Sequoia India, SIG Asia Investment and Venturra Capital.
It will use the newly-raised funding to accelerate its goal to serve 100,000 offline businesses by 2019.
Fave’s platform provides businesses with the ability to easily integrate a mobile loyalty and rewards platform, as well as a cashless mobile payment. It incentivises customers to use its payment app by providing cashback rewards.
The company claims that in 2018, it will help drive over US$100 million to businesses. Currently, these businesses offer over 40,000 active rewards to a user base of over 3 million consumers.
The businesses span multiple industries including food & beverage, beauty & wellness, services, activities, leisure and travel.
Fave claims it has seen an annual growth rate of over 300 per cent. Its platform is now active in over 15 cities across Singapore, Malaysia and Indonesia.
“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,” said Pieter Kemps, Principal of Sequoia Capital (India) Singapore, in an official press statement.
“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.”