Fave buys startups CutQ and FoodTime
Southeast Asian mobile payment and reward platform Fave has acquired CutQ and FoodTime, startups specialising in F&B table ordering and takeaway pre-ordering, for an undisclosed figure.
The acquisition and integration of both firms presents Fave with an opportunity to significantly accelerate its growth in the region.
“I’m very pleased to welcome both CutQ and FoodTime into the Fave family,” said founder of Fave Group Joel Neoh. “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 takeaway pre-ordering solutions which will reduce these hurdles.
“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. At Fave, we believe every business should be able to partake in the digital economy, and no one should be left behind because the cost is too high or the technology is too complex.”
“One of the biggest problems facing Singapore’s and Malaysia’s F&B and retail industry is an acute labour shortage,” said Fave Singapore MD Ng Aik Phong. “The lack of skilled labour, coupled with new government restrictions on foreign workers, poses one of the biggest growth challenges for both countries. With Fave, merchants have experienced an impressive 70-per-cent increase in loyalty-return rates from their customers as compared to the industry average of around 20 per cent. Adding table ordering solutions is a step towards addressing what merchants in F&B need.”