Head of FavePay Later Audra Pakalnyte steps down after 8 years

Head of FavePay Later, Audra Pakalnyte (pictured), has stepped down after eight years at the Malaysian fintech platform, according to a post on her LinkedIn page. Pakalnyte, who operated in the Malaysia market, was one of the first employees at the company. 

In her farewell post, Palaknyte wrote, “As the first employee, I've witnessed the transformation from zero to one, from humble beginnings to becoming a part of a fintech unicorn. From pivoting KFit to Fave to orchestrating strategic acquisitions of Groupon and eventually the sale of the company to Pine Labs.”

Don't miss: fave co-founder Joel Neoh to depart from company

FavePay Later is Fave's buy now pay later service which was launched in Singapore and Malaysia in July 2021. Fave at that point created a dedicated buy-now-pay-later division to oversee all aspects of the business growth.

Pakalnyte was head of strategic initiatives for close to three years and prior to that, led the people and product teams at Fave. She joined the company in 2015 and has worked on various domains from building up the team, managing organisational transition post acquiring Groupon, driving strategic projects and new product launches. 

Before Fave, Palaknyte spent two years as a consultant at recruitment services provider TalentSquare and also worked as programme director for StartupMalaysia and HR manager for Symphony HRS. She also founded PlateCulture in 2013, a marketplace that invites consumers to dine in real homes, eat authentic food and meet interesting people, her LinkedIn said.

Alongside Palaknyte, Neoh is in the midst of a career transition as well. He took to his LinkedIn to announce his switch to a new industry yesterday, taking on the role of managing director at CircleDNA, a biotechnology research firm. Additionally, Neoh will also be taking on the role of chief consumer officer of the group as it looks to further expand CircleDNA into a leading consumer preventive healthcare platform.

Neoh's appointment comes as the company looks to reinvent the preventive healthcare landscape, with a focus on harmonising consumer health and genetics, breakthrough technology for early cancer detection, and targeted therapy for cancer treatment. It is also looking to significantly expand into new verticals and introduce new, personalised healthcare offerings to consumers within CircleDNA.

As for Fave, it most recently exited the Indonesian market, as confirmed by the company to MARKETING-INTERATIVE. The exit took effect on 1 April 2023. According to Fave, it ceased business in the Indonesia market after careful consideration of its long-term strategic goals. "While this decision was not easy, we believe it is the best course of action for Fave's future growth and expansion. Our focus remains on delighting our customers, merchants, and stakeholders while streamlining our business processes strategically," a spokesperson for Fave told MARKETING-INTERACTIVE.

Fave will be focusing on its other core markets in Singapore, Malaysia and India. These include expanding the use of flexible payment acceptance and processing for online merchants, enabling Fave to better serve existing partners and attract new ones. The company stated that it is also deepening partnerships with leading fintech players and merchants across the region, while constantly innovating to add value through cashback loyalty programs, personalised experiences, and exciting deals.

The company stated that it will continue to support its merchants through its sister brand QwikCilver, which provides B2B gift card solutions, as well as through other services provided by its parent company, Pine Labs. 

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fave co-founder Joel Neoh to depart from company