Fave Founder & CEO Joel Neoh
Southeast Asian consumer fintech platform Fave today announced that Founder & CEO Joel Neoh is set to depart the company by early March 2023.
Following his departure, Co-Founder Yeoh Chen Chow will continue to lead the business together with Avantika Jain, General Manager in Singapore; Aik Kuang Heng, Fave’s newly appointed General Manager in Malaysia; alongside local leadership teams in Indonesia and India.
“I have had the privilege of a lifetime to work with some of the best talents in Southeast Asia to build Fave into a household brand name – today, one out of every three Singaporeans, and millions of consumers across Malaysia, Indonesia and India use Fave on a daily basis for payments and rewards. With the strong leadership and culture we have built, I am confident in the company’s continued growth in the years to come. As I leave Fave, I look forward to further contributing to Southeast Asia’s technology ecosystem, paying it forward by helping other fellow entrepreneurs grow in their startup journeys,” Neoh said in a statement.
Also Read: Fave acquired by Pine Labs for US$45M, to expand its consumer payments app to India
Fave’s products have evolved from offering deals to QR payments and loyalty programmes on both the Fave app and other major banks and digital wallets.
Fave fully acquired e-commerce company Groupon in Singapore, Malaysia, and Indonesia back in 2017.
It was eventually acquired by Pine Labs for US$45 million in 2021.
The company said that by the end of 2022, it had achieved its all-time highest volumes of transactions, reflecting the company’s growing popularity and market share.
“The data shows a staggering 40 per cent quarter-on-quarter growth and trajectory is well set for 2023. The company will be rolling out more collaborations with key banks and financial institutions across the markets; as well as targeting to enter the flexible payment processing space for online merchants in Q2,” it said.
Also Read: Fave raises funding from Pine Labs to expand cashless payment solutions to SMEs
Neoh was one of the founders of Groupon in Malaysia in 2011, where he later managed Groupon Asia Pacific’s US$2 billion business with over 2,500 employees. Prior to that, in 2009, he co-founded Says.com, a digital media platform that merged with Rev Asia and was acquired by media conglomerate Media Prima.
He continues to remain plugged into Southeast Asia’s digital and technology ecosystem as an investor in over 25 startups, through holding mentorship and advisory roles in Endeavour Malaysia, XA Network, Sunway University, as a limited partner in 500 Southeast Asia III, Better Bite Ventures, and as an investor in Nasdaq-listed Prenetics, among others.
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Image Credit: Fave
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