Fave has acquired CutQ and FoodTime, two start-ups specialising in F&B table ordering and takeaway pre-ordering, for an undisclosed fee. The acquisition and integration of both CutQ and FoodTime will allow Fave to accelerate its growth in Southeast Asia.
CutQ is a Singaporean food takeaway app that enables its users to skip queues and have their food ready for pickup, while FoodTime is a mobile food ordering and delivery app in Malaysia. Fave recognised these two companies due to their “strong leadership” and commitment towards driving F&B business efficiency solutions and “excellent” customer experiences in Singapore and Malaysia.
Joel Neoh, founder of Fave Group, said it wanted to provide table ordering and takeaway pre-ordering to reduce challenges for restaurants such as increasing cost of operations and hiring staff, and to help them “increase productivity”. He added that it is “delighted” to introduce CutQ and FoodTime services as its next value-added service for its merchants and users.
Ng Aik Phong (pictured left), managing director of Fave Singapore, said adding table ordering solutions is a step towards addressing what F&B merchants need. According to him, merchants have experienced a “higher increase” in loyalty return rates from their customers after partnering with Fave.
Along with the acquisition, Fave has also rolled out its new table ordering service for diners across Singapore and Malaysia, allowing quick orders to be made at restaurants. The table ordering service is powered by FavePay mobile payments which also provide loyalty cashback to consumers and more returning customers for merchants.
Since its pilot in April 2019, over 50 F&B merchants in Malaysia and Singapore have signed up on the table ordering service including notable brands such as Murni Discovery, Naughty Nuri’s, Frisky Goat Bakery Cafe and Home Noodle in Malaysia, and Gelare, Paulaner Brauhaus, Saboten and Tingkat Peranakan in Singapore. According to the company, this number is expected to grow exponentially by the end of the year.
By simply scanning the table’s QR code, diners are directed to a menu on their mobile phone where they can place and pay for their orders using Favepay. For F&B merchants, Table ordering can provide a cashless experience, improves waiter productivity, and has no setup fees and costs involved for the launching period.
According to the press release, Favepay transactions crossed the six million mark and more than US$6 million worth of cashback issued to Malaysians and Singaporeans by merchants this quarter. Fave’s focus will be to increase its market share through continued partnerships, expansion of new services, as well as broader and deeper efforts in merchant acquisition.
Yeoh Chen Chow (pictured second from right), co-founder of Fave Group, said the introduction of table ordering will enable F&B merchants to reduce time taken for queuing, ordering, and billing while reducing dependency on waiting staff and manpower. Yeoh added that its new feature works on top of its FavePay feature, allowing diners to enjoy exclusive merchant cashback and other rewards as well.