Mobile payment and deals platform Fave has announced that it will be acquiring two food-ordering startups in Malaysia and Singapore. According to the company, the new acquisitions belong to its broader ambition of becoming a major super app within Southeast Asia.
More specifically, Fave will be adding Singaporean food delivery app CutQ and Malaysian food ordering app Food time to its platform. Ideally, the new additions will help strengthen the firm's position in the Southeast Asian market.
"We saw an opportunity to leverage on the knowledge and technology that CutQ in Singapore and FoodTime in Malaysia have developed and are delighted to officially introduce their services as our next value-added service for our merchants and users," said Fave's founder Joel Neoh.
Mirroring the business models of other Asian super apps, the new food delivery services will be directly linked to FavePay, the company's mobile payment service.
Food-Ordering Super App Expansions
Fave Acquires Two Food Apps in Effort to Become Go-To Super App
Trend Themes
1. Food Delivery Service Expansion - The acquisition of two food-ordering startups will enhance Fave's existing food delivery services, and other businesses should consider similar acquisitions to expand their customer base.
2. Becoming a Super App - Fave's move towards becoming a super app highlights the need for companies to create a platform that can integrate multiple services and simplify the user experience.
3. Integration of Mobile Payment Services - FavePay's integration in the new food delivery services shows the importance of integrating mobile payments into all aspects of the customer experience.
Industry Implications
1. Food Delivery Services - Food apps have been on the rise, and this acquisition will enable Fave to compete with other established food apps such as GrabFood and Foodpanda.
2. Mobile Payment Services - With the integration of mobile payment services into various apps, companies in the payment sector should consider expanding their reach by partnering with food startups.
3. Super Apps - The acquisition of the two food ordering startups is part of Fave's broader ambition to become a super app in Southeast Asia, and other companies should follow suit and explore opportunities to become super apps in their respective regions.