Joel’s departure was announced less than a year after Fave was acquired by India’s Pine Labs in a deal worth US$ 45 million (RM 185 million).
Joel Neoh, the founder and CEO of payments platform Fave, will step down from his position by early March 2023. Alongside co-founder Yeoh Chen Chow, general managers Avantika Jain in Singapore and Aik Kuang Heng in Malaysia, as well as local leadership teams in Indonesia and India, Fave will continue to be led by these individuals.
Joel’s departure was announced less than a year after Fave was acquired by India’s Pine Labs in a deal worth US$ 45 million (RM 185 million). In 2009, the serial entrepreneur co-founded the online media site Says.com.
The largest media conglomerate in Malaysia, Media Prima, later acquired Rev Asia, the product of the platform’s merger with Catcha Media. Joel helped found Groupon in Malaysia in 2011 and later oversaw its US$2 billion (US) business in the region, which employed over 2,500 people.
As an investor in over 25 startups, a mentor and advisor for Endeavour Malaysia, XA Network, Sunway University, a limited partner in 500 Southeast Asia III, Better Bite Ventures, and an investor in Nasdaq-listed Prenetics, among other positions, he continues to be active in Southeast Asia’s digital and technology ecosystem.
Joel Neoh, the departing CEO and Founder of Fave, said, “I have had the privilege of a lifetime to work with some of the best talents in Southeast Asia to build Fave into a household brand name. Today, 1 in 3 Singaporeans and millions of customers in Malaysia, Indonesia, and India use Fave every day for payments and rewards.
I have faith in the company’s future growth because of the solid leadership and culture we have established. As I leave Fave, I’m excited to continue advancing Southeast Asia’s tech sector and giving back by assisting other entrepreneurs in their startup endeavors.” Pine Labs’ CEO, B Amrish Rau, said: “He leaves a huge legacy behind.
The addition of Fave to Pine Labs‘ corporate portfolio is a very strong one, and we are enthusiastic about the company’s projected growth trajectory through 2023, when Fave is expected to break records for sales volume and international expansion.
Joel has grown close to me over the past two years, and even though he is leaving the company, I will still seek his advice. He will always be the person who started Fave and who will give the company the most support going forward.