FAVE co-founder and chief executive officer, Joel Neoh will be leaving the company on Mar 1. The company’s other co-founder Yeoh Chen Chow will continue running the business with Singapore general manager Avantika Jain and newly appointed Malaysia general manager, Aik Kuang Heng.

“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,” said Neoh in a press statement.

The fintech platform claims that it has hit its highest ever volume of transactions at the end of 2022, with a 40 per cent quarter-on-quarter growth heading into 2023.

Fave is Neoh’s third venture after Says.com and Groupmore. Says.com was acquired by the Catcha Group in 2013 and Groupmore, a Groupon clone, was acquired by Groupon in 2011.

The third venture started life as KFit in 2015, offering a similar business model to Class Pass where subscribers can go to a number of different fitness classes across different gyms. The pivot into e-commerce and Fave began in 2016 after KFIt acquired Groupon Malaysia and Groupon Singapore and Indonesia in 2017.

Fave would later add payments to its offerings in 2017 and a buy now pay later service in 2021. The startup would later be acquired by fintech company Pine Labs for US$45 million in 2021.

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“Fave is an extremely strong addition to Pine Labs’ company portfolio, and we are excited about the 2023 growth trajectory as Fave is set to break new boundaries in sales volumes and explore new countries,” said Amrish Rau, chief executive officer, Pine Labs.