Both Singapore-based CutQ and Malaysia-based FoodTime’s leadership team and product solution have been integrated into Fave’s platform

Mobile payments and rewards platform Fave announced that it has acquired two table and takeaway ordering solutions. The startups are CutQ in Singapore and FoodTime in Malaysia for an undisclosed fee.

With the acquisition, both companies will see its leadership team and product fully integrated into Fave’s regional platform.

The company announced the acquisition at Echelon Asia Summit 2019.

Fave said that the acquisitions will provide the company with a localised foothold to increase its market share in Singapore and Malaysia. The company also hopes it will help its position as a loyalty food and beverage system provider for merchants and their customers in Southeast Asia.

“As the cost to operate restaurants increases and business owners face challenges to hire staff and increase productivity, we wanted to provide Table Ordering and Take Away pre-ordering solutions which will reduce these hurdles,” said Joel Neoh, Founder of Fave Group.

Neoh highlighted that the technology the two companies have developed will be introduced as its next value-added service for the company’s merchants and users.

Founded in 2013 by entrepreneurs, Kevin Tan and Laura Chong-Tan, CutQ is a Singaporean food takeaway app that enables its users to skip queues and have their food ready for pickup. FoodTime is a mobile food ordering and delivery app founded by Ahmad Daleen in 2017.

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Merchants that have signed up on Fave’s table ordering solution include brands such as Gelare, Paulaner Brauhaus, Saboten, and Tingkat Peranakan in Singapore and Naughty Nuri’s, LOCO TTDI, and Murni in Malaysia.

This quarter, Fave noted that Favepay transactions crossed the six million mark with the app downloaded over four million times. More than US$6 million worth of cashback has been issued to Singaporeans and Malaysians.

In 2018, Fave raised US$20 million in Series B funding led by investors Sequoia Capital, Venturra Capital, and SIG Asia investment. Fave’s focus will be to increase its market share through continued partnerships, expansion of new services, and broader and deeper efforts in merchant acquisition.
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Image Credit: Fave

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