From Groupon Malaysia to regional fintech trailblazer
Fave didn’t start as a fintech company — but under the leadership of co-founder Yienyee Soh, it evolved into one of Southeast Asia’s most dynamic mobile payments and loyalty platforms. Headquartered in Kuala Lumpur and later expanding into Singapore and Indonesia, Fave began as a pivot from the Groupon Malaysia business in 2016.
Yienyee, who served as Chief Operating Officer and later Group CEO, steered Fave through early turbulence by focusing on hyperlocal merchant solutions. With a background in strategy consulting and operations, she played a crucial role in transitioning the company from a deal-discovery app to a robust payment and cashback ecosystem tailored for SMEs across the region.
This marked the beginning of Fave’s growth as a Fave Southeast Asia startup aimed at simplifying transactions and loyalty programs across markets.
How Fave scaled as a Southeast Asia startup
Yienyee’s operational leadership helped position Fave at the intersection of tech, retail, and finance. Fave introduced QR-based mobile payments integrated with cashback rewards, allowing users to pay and earn loyalty simultaneously — a model that gained rapid traction in Singapore’s competitive payments landscape.
The platform became merchant-centric, offering tools such as:
FavePay Later (BNPL option)
Smart cashback rewards
Customer engagement dashboards
With strategic backing from Sequoia India and SIG Asia, Fave was able to invest in tech infrastructure, user acquisition, and merchant expansion. In Singapore, it quickly gained ground among F&B outlets and lifestyle retailers competing for digitally savvy customers.
In 2021, Fave was acquired by India-based Pine Labs for over US$45 million, a move that extended its payment capabilities across Asia and unlocked new synergies in the BNPL space.
This acquisition cemented Fave’s reputation as a successful Fave Southeast Asia startup with cross-border scale.
Championing women in Southeast Asian tech
As a rare female co-founder and executive in SEA’s fintech sector, Yienyee Soh has been vocal about diversity in leadership and inclusive innovation. Her story stands out not only because of Fave’s success, but because of how she navigated a male-dominated industry while scaling a regional business.
She is also part of a growing wave of women founders in Southeast Asia advocating for more inclusive startup ecosystems — where leadership is built on merit, resilience, and customer obsession. Today, she continues to advise and support early-stage startups and fintech innovators across the region.
Conclusion
Fave’s transformation under Yienyee Soh is a case study in strategic pivoting, operational excellence, and regional ambition. From a post-Groupon reboot to a fintech acquisition, the platform’s success reflects how Southeast Asian startups can scale when driven by focused leadership.
As a standout Fave Southeast Asia startup, the company exemplifies how fintech can support everyday businesses while delivering scalable growth.
