Raising money during a pandemic is no easy feat. Especially a startup landing a strategic deal from a billion-dollar valued company. So when Malaysian offline-to-online (O2O) payments and rewards platform Fave closed an undisclosed funding undisclosed funding Pine Labs Fave announces strategic partnership and investment from Pine Labs to accelerate Southeast Asia's cashless future Read more round from India’s payments unicorn Pine Labs in July 2020, people sat up and took notice.

It wasn’t long before the initial optimism was tempered.

AUTHOR

Ka Kay Lum

Based in Kuala Lumpur, Ka Kay covers investment activities, aka following the money, across Southeast Asia and in-depth stories on the often-overlooked Malaysian startup ecosystem. She was previously a regional writer for Nikkei-owned DealStreetAsia.

View Full Profile

Sign up to our Southeast Asia edition to read this story instantly

To sign up, you’ll create an account that will give you access to a new free story published once a week and archive of previously published free stories from our Southeast Asia edition. You’ll also receive one email every morning from us introducing the day’s story.

If you’ve already signed up, just enter your email below or login using Facebook or Google.