This comes two years after Fave's acquisition by India's Pine Labs for US$45 million
Joel Neoh, who co-founded the fintech firm Fave, will be stepping down from his position as CEO in early March 2023. This comes two years after Fave was acquired by Indian merchant platform Pine Labs for US$45 million.
“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,” said Neoh in a statement. “Today, one out of three Singaporeans, and millions of consumers across Malaysia, Indonesia and India use Fave daily for payments and rewards.”
The entrepreneur has also been an active investor in Southeast Asia’s technology industry, having contributed funding to more than 25 startups.
His first tech startup was the website Says.com in 2009 which he co-founded with Khailee Ng, who is now a managing partner at venture capital firm 500 Global.
He was also one of the co-founders of the group-buying platform Groupon in Malaysia, where he later managed Groupon Asia Pacific’s US$2 billion business.
Read more: Playlist: 10 songs tech entrepreneur Joel Neoh uses to unwind after work
Following that, Neoh founded Fave, which began as a gym subscription service in 2015. It acquired Groupon’s businesses in three Southeast Asian countries two years later.
Fave offers various services, such as a digital payments system, a deals portal and a buy now, pay later service. In the fourth quarter of 2022, the company reported its highest transaction volumes, with a 40 percent quarter-on-quarter growth.
The fintech company will continue to be led by Fave’s co-founder Yeoh Chen Chow along with Singapore general manager Avantika Jain and newly appointed Malaysia general manager Aik Kuang Heng.
Neoh says he intends to take a break this year to rest and explore new endeavours. He is also looking for ways to support other founders in the region, and will be taking on an advisory role at Endeavor Malaysia, XA Network and Sunway University.
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