In April 2021 Pinelabs, the BNPL provider of India, took over Fave of Malaysia and Singapore where Fave has more than 6 million customers. The takeover price was US$45 million which lends some doubt to the comparative IOU MC of A$130 million.
https://techcrunch.com/2021/04/13/pine-labs-acquires-southeast-asian-startup-fave-for-45-million/
But the story doesn't end there....
In June 2021 Fave launched a BNPL option in Malaysia and Singapore available to its 6 million existing customers.
https://www.zdnet.com/article/fave-offers-buy-now-pay-later-option-in-singapore-malaysia/#:~:text=Fave%20has%20unveiled%20a%20buy,users%20to%20follow%20next%20month.
Now we learn that two weeks ago Pinelabs filed for a US$500 million IPO in the USA.
IOU is being left for dust in South East Asia.
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